"Show Placeholder" feature in options/view doesnt work
 

I have a macro that places a large number of pictures on a spreadsheet. I would like the pictures to show as "placeholders" to speed up viewing/editing. The only problem is that this feature (under Tools/Options/View) does not work. All the images are being display normally. I have tried this in Excel 2000/2003/XP with the same result. This feature works great in MS Word. Please help.

To see what I'm talking about. Go to Tools/Options/View and check the "Show Placeholders" option. Now insert a picture or clipart. The image will be displayed normally instead of just a blank box. Am I missing something?