"paste picture link" behaving strangely
 

On my worksheet I have a "linked" picture (paste special, as picture, paste
picture link) showing values from some adjacent cells.
I also have a shape eg a call-out.

I want the shape to be be (partly) in front of the linked picture. How to do
that?

Sending the picture back doesn't work, sending the shape to front doesn't
work.

I found that if I paste as picture but not linked, it works fine. (But I
want it linked!)

Please don't tell me Excel works as designed ;-)