From an earlier reply
If you insert a Autoshape to your sheet you can place
a picture in it, here is a example for a comment (same for Autoshape )
http://www.contextures.com/xlcomments02.html#Picture
(change transparency to your needs)
Here is some other information about watermarks
You can use Word Art, remove the lines, color with 25% gray, click
semi-transparent (or in latest version set the transparency to your desire).
Rotate to desired angle. On the screen, when you type over the mark, it
looks a bit fuzzy but prints out wonderfully
If you have many to do try this:
Here is some code from L. Howard Kittle.
In this Zip file you can find 4 example workbooks with code to insert
watermarks in to your pages.
1 : Watermark Horizontal LANDSCAPE
2 : Watermark Horizontal PORTRAIT
3 : Watermark Vertical LANDSCAPE
4 : Watermark Vertical PORTRAIT
You can download it here.
http://www.rondebruin.nl/files/Watermark.zip
And see this sites also
Aaron Blood's website at
http://www.xl-logic.com/pages/formulas.html
An alternative, if you're using Excel 2002, look for "Watermarks using Excel
XP" at this site:
http://cpap.com.br/orlando
--
Regards Ron de Bruin
(Win XP Pro SP-1 XL2002 SP-2)
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best wishes
Bernard V Liengme
www.stfx.ca/people/bliengme
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