Code:
Sub TestInsertPictureInCell()
InsertPictureInRange "D:\Happy1.jpg", Range("A1")
End Sub
Sub InsertPictureInRange(PictureFileName As String, TargetCells As Range)
Dim p As Object
If Dir(PictureFileName) = "" Then Exit Sub
Set p = ActiveSheet.Pictures.Insert(PictureFileName)
With TargetCells
p.Top = .Top
p.Left = .Left
.ColumnWidth = .ColumnWidth / .Width * p.Width
.RowHeight = p.Height ' < 409 pixels
End With
Set p = Nothing
End Sub