Mike:

That is correct. When you try to record a macro for inserting an image, the
macro is blank.

I haven't found a way to insert an image from URL and only link to it. I
have been using AddShape and UserPicture, but there is no option to link only.

Ironically, it is possible to insert an image from a URL into a spreadsheet,
and even do it as either a link only, embedded only, or linked and embedded.
So it must be possible. If only we could reveal the method used by Excel 2007.

Any suggestions would be hugely appreciated.

Thanks.