Ideas
My sim has the portrait in her inventory but it’s blank. It also does not fix itself if i place it in world and try to “reset object”. It’s not happening with any other photos in my sims inventory or house so it’s an issue specifically with the university graduation portraits.
I've sent several Sims through university these past few weeks. The majority of them got a **bleep**ed-up picture. Some were completely blank, others were abstract art, I suppose. And I even got the picture of one of the students, but attributed to another Sim. What a mess! I tried saving just before the ceremony starts so I could try again, but that's just annoying. I stopped trying on the second failure. I just made my Sim's friend take a picture of them before the ceremony (it's much more efficient, sadly).