This will work if :-
1. There is only 1 page.
2. The Print Range is set (or you can supply another range)

'----------------------------------------------------
Sub test()
'- requires that Print area is set
Dim TotalRowHeight As Long
Dim PictureHeight As Long
'-- calculate height
TotalRowHeight = 0
For Each RW In ActiveSheet.Range("Print_Area").Rows
TotalRowHeight = TotalRowHeight + RW.RowHeight
Next
'- change picture position
PictureHeight = ActiveSheet.OLEObjects("Object 1").Height
ActiveSheet.OLEObjects("Object 1").Top = (TotalRowHeight / 2)
(PictureHeight / 2)
End Sub
'--------------------------------------------

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