diff --git a/Code/Framework/AzToolsFramework/AzToolsFramework/UI/PropertyEditor/PropertyAssetCtrl.hxx b/Code/Framework/AzToolsFramework/AzToolsFramework/UI/PropertyEditor/PropertyAssetCtrl.hxx
index 14326fcc6e..cd6f8e636e 100644
--- a/Code/Framework/AzToolsFramework/AzToolsFramework/UI/PropertyEditor/PropertyAssetCtrl.hxx
+++ b/Code/Framework/AzToolsFramework/AzToolsFramework/UI/PropertyEditor/PropertyAssetCtrl.hxx
@@ -246,7 +246,7 @@ namespace AzToolsFramework
         virtual void PopupAssetPicker();
         virtual void PickAssetSelectionFromDialog(AssetSelectionModel& selection, QWidget* parent);
         void OnClearButtonClicked();
-        void UpdateAssetDisplay();
+        virtual void UpdateAssetDisplay();
         void OnLineEditFocus(bool focus);
         virtual void OnEditButtonClicked();
         void OnThumbnailClicked();
diff --git a/Gems/GradientSignal/Code/Source/Components/ImageGradientComponent.cpp b/Gems/GradientSignal/Code/Source/Components/ImageGradientComponent.cpp
index ea17679df1..bdde9a0957 100644
--- a/Gems/GradientSignal/Code/Source/Components/ImageGradientComponent.cpp
+++ b/Gems/GradientSignal/Code/Source/Components/ImageGradientComponent.cpp
@@ -226,6 +226,18 @@ namespace GradientSignal
             return;
         }
 
+        // If we have loaded in an old image asset with an unsupported pixel format,
+        // don't try to access the image data because there will be spam of asserts,
+        // so just log an error message and bail out
+        AZ::RHI::Format format = m_configuration.m_imageAsset->GetImageDescriptor().m_format;
+        bool isFormatSupported = AZ::RPI::IsImageDataPixelAPISupported(format);
+        if (!isFormatSupported)
+        {
+            AZ_Error("GradientSignal", false, "Image asset (%s) has an unsupported pixel format: %s",
+                m_configuration.m_imageAsset.GetHint().c_str(), AZ::RHI::ToString(format));
+            return;
+        }
+
         m_imageData = m_configuration.m_imageAsset->GetSubImageData(0, 0);
     }
 
diff --git a/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.cpp b/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.cpp
index 9b088b159a..f22229fc39 100644
--- a/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.cpp
+++ b/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.cpp
@@ -76,6 +76,20 @@ namespace GradientSignal
         }
     }
 
+    void StreamingImagePropertyAssetCtrl::UpdateAssetDisplay()
+    {
+        AzToolsFramework::PropertyAssetCtrl::UpdateAssetDisplay();
+
+        // If there is a valid asset selected but it's not a supported pixel format,
+        // show the error message state for this property
+        if (m_selectedAssetID.IsValid() && !Internal::IsImageDataPixelAPISupportedForAsset(m_selectedAssetID))
+        {
+            UpdateErrorButtonWithMessage(
+                AZStd::string::format("Image asset (%s) has an unsupported pixel format", GetCurrentAssetHint().c_str())
+            );
+        }
+    }
+
     AZ::u32 StreamingImagePropertyHandler::GetHandlerName() const
     {
         return AZ_CRC_CE("GradientSignalStreamingImageAsset");
diff --git a/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.h b/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.h
index a5c0a199ce..90fac61565 100644
--- a/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.h
+++ b/Gems/GradientSignal/Code/Source/Editor/EditorStreamingImageAssetCtrl.h
@@ -44,6 +44,7 @@ namespace GradientSignal
 
     public Q_SLOTS:
         void OnAutocomplete(const QModelIndex& index) override;
+        void UpdateAssetDisplay() override;
     };
 
     //! We need a custom asset property handler for the AZ::RPI::StreamingImageAsset on our