Diga que os links das fotos estão na coluna A .
Primeiro, abra seu navegador e execute esta macro curta:
Sub InstallPictures_2()
Dim i As Long, v As String, shp As Shape
For i = 1 To 1000
v = Cells(i, "A").Value
If v = "" Then Exit For
With ActiveSheet.Pictures
.Insert(v).Select
Set shp = ActiveSheet.Shapes(Selection.Name)
shp.Top = Cells(i, "B").Top
shp.Left = Cells(i, "B").Left
shp.Height = 100
shp.Width = 100
End With
Next i
End Sub
Por exemplo: