Private Sub CommandButton1_Click()
Dim PPath As String
    PPath = Cells( 1 ,  1 ).Value
    With ActiveSheet.Pictures.Insert(PPath)
        .ShapeRange.IncrementLeft - 199 . 5 
        .ShapeRange.IncrementTop - 3 
    End With
End Sub

Option Explicit

Private Sub Worksheet_Change(ByVal Target As Range)
Const AddressRange = "A1"
Static OldValue As String
Dim PPath As String
Static PictureName As String

    If Target.Address <> Range(AddressRange).Address Then
        Exit Sub
    End If
    
    On Error GoTo errhandler_emptypath:

    If Range(AddressRange).Value = "" Then
        ActiveSheet.Shapes(PictureName).Delete
        OldValue = ""
        Exit Sub
    End If
    
    On Error GoTo errhandler_wrangpath:
    
    If Range(AddressRange).Value <> OldValue Then
        PPath = Range(AddressRange).Value
        With ActiveSheet.Pictures.Insert(PPath)
            .ShapeRange.IncrementLeft - 199 . 5 
            .ShapeRange.IncrementTop - 3 
            PictureName = .Name
        End With
        OldValue = PPath
    End If
    
    Exit Sub

errhandler_wrangpath:
    MsgBox "Неверный адрес картинки"
    Exit Sub

errhandler_emptypath:
    Exit Sub

End Sub

Private Sub Workbook_Activate()
    MsgBox "Workbook_Activate"
End Sub

Private Sub Workbook_WindowActivate(ByVal Wn As Window)
    MsgBox "Workbook_WindowActivate"
End Sub