Hey KI, I was searching in the bazaar for some gear to get for my Pirate for Mooshu, and one of the robes appeared as a completely red wizard robe. It was the same when I ran into my friend. The robe is called Dragon Mountain Jacket, and all robes that share the appearance appear as red wizard robes.
If you see something showing up in all red, this usually means the texture associated with that object didn't load. This might be a loading issue, and some players have found restarting will sometimes take care of the red object. If it persists, you'll want to contact support. Support may ask you for a DXDiag file to see if your computer might be a little thin on RAM or vRAM and be able to make further recommendations.