Hopefully the URL at the bottom of this post will work. I replied to another
post before seeing yours.

The sudden unexplained change in AddPicture behavior from Excel 2003 to 2007
has been a huge source of frustration for me.

I half expected Office 2007 SP1 to offer a solution, but it doesn't even
resolve the problem of not being able to record a macro to show the method
that Excel uses natively for inserting image links.

http://www.microsoft.com/communities...=en-us&m=1&p=1