Color Picker display issue in Texture Painting

Hi guys, really need some help here. Been trying to figure out what’s wrong with my color picker display in texture painting mode. As you can see, there are 3 distinct banding in the color picker area. It should really show a smooth transition from light to dark.

I am using Blender version 2.77a and using a Mac OS 10.8.5 with 16GB system memory, integrated graphics 4000 512mb
Anyone seen this issue before? Appreciate any help, thanks!

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Still having this issue… Anyone can help? Or please direct me to the correct channel?