> From: Evgeny Zajcev <lg.zevlg@gmail.com>
> Date: Thu, 23 Jan 2025 10:10:05 +0300
>
> I'm having problem displaying an image slice in the right margin.  To
> reproduce this, download
> https://www.gnu.org/software/emacs/images/emacs.png to your ~/Downloads
> folder.  Activate right margin with M-x visual-fill-column RET.  And consider three pieces of code:
>
> 1. (insert
>      (propertize "E" 'display `((slice 0 0 1.0 20) ,(create-image
>      "~/Downloads/emacs.png" nil nil :scale 1.0))))
>
>    Displays image slice in the buffer as expected.
>
> 2. (insert
>      (propertize "E" 'display `((margin right-margin) ,(create-image
>      "~/Downloads/emacs.png" nil nil :scale 1.0))))
>   
>    Displays image in the right margin as expected.
>
> 3. (insert
>      (propertize "E" 'display `((margin right-margin)
>       ((slice 0 0 1.0 20)
>       ,(create-image "~/Downloads/emacs.png" nil nil :scale 1.0)))))
>
>    Displays "E"
>
> Documentation say that ((margin right-margin) SPEC) can be used to
> display image in the right margin, and SPEC is totally valid in the
> 3. because 2. works.
>
> Is this a bug?

You need to construct the display property in a different order:

  (insert
     (propertize "E" 'display
                     `((slice 0 0 1.0 20)
                       ((margin left-margin)
                        ,(create-image "~/Downloads/emacs.png"
                          nil nil :scale 1.0)))))