Dim picCurrent As Picture
Dim shtPics As Worksheet
Set shtPics = ThisWorkbook.Sheets(1)
Const ksPic1 As String = "C:\Documents and Settings\All Users\Documents\My Pictures\Sample Pictures\Blue hills.jpg"
Const ksPic2 As String = "C:\Documents and Settings\All Users\Documents\My Pictures\Sample Pictures\Sunset.jpg"
Set picCurrent = shtPics.Pictures.Insert(ksPic1)
Set picCurrent = shtPics.Pictures.Insert(ksPic2)

Dim nHPos As Long
Dim nVPos As Long
Dim rTarget As Range
Set rTarget = ActiveSheet.Range("F10")
Dim nRow As Long
Dim nCol As Long
nHPos = 0
nVPos = 0
For nRow = 1 To rTarget.Row - 1
    nVPos = nVPos + ActiveSheet.Cells(nRow, 1).Height
Next nRow
For nCol = 1 To rTarget.Column - 1
    nHPos = nHPos + ActiveSheet.Cells(1, nCol).Width
Next nCol

picCurrent.Top = nVPos
picCurrent.Left = nHPos