Bruce,

If by watermark you mean a background picture (Format - Sheet - Background), then protecting
the sheet (Tools - Protection - protect sheet) will protect the background image from
change.

--
Earl Kiosterud
www.smokeylake.com

Note: Top-posting has been the norm here.
Some folks prefer bottom-posting.
But if you bottom-post to a reply that's
already top-posted, the thread gets messy.
When in Rome...
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"Bruce" wrote in message
...
Is there a way to protect a watermark in excel?