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This is my solution. Tested on MVC 3 and MVC 4.

1. Create App_GlobalResources folder in project (easy way is right click to project -> Add -> Add ASP.NET folder -> App_GlobalResource).
2. Add a resx file to App_GlobalResources (e.g. YourResource.resx).
3. Add resource key "PropertyValueInvalid". By default, the message is "The value {0} is not valid for {1}". You can change or translate whatever you want.
4. Add the code DefaultModelBinder.ResourceClassKey = "YourResource" to Application_Start function in Global.asax.

Click on links to see spinner on load image.

function changeImg(url) {
    var img = document.getElementById('previewImg');
    var spinner = document.getElementById('spinner');
    // show spinner
    spinner.style.display = '';
    img.style.display = 'none';
    img.onload = function() {
        spinner.style.display = 'none';
        this.style.display = '';
        this.onload = null;
    }
    img.src = url;
}  

Javascript