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Excel 2010 Spreadsheet Extremely Slow with Inserted Pictures

We have a product matrix that we setup in Excel which used to work well into we added small pictures for each of our items.  The spreadsheet has grown from about 200K to 3-4MB but the issue is with peformance in that the spreadsheet is almost unusable.  This might not be the best fit for this application but if anyone has experience in dealing with this or suggestions on how we can still have the pictures in Excel but still be able to navigate the spreadhsheet.
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pidecom

Try to resize and resample images to get a smaller spreadsheet file ;)
You have probably already done this, but click on any picture in there and on the 'Format' section of picture tools pick 'Compress Pictures' click options and then choose email 96ppi:

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We have already tried that.  The images are actually very small to start with since we have sized them to fit into a smaller cell.  There is quite a few of them though.
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Are the pictures static or do they change according to cell values? I'd be surprised if static pictures affected recalculation time at all. But there are other factors, such as overuse of volatile functions like INDIRECT or OFFSET that can cause such a problem.

Are you able to post the workbook? If it is proprietary, could you post a workbook that contains 10 rows of content using made-up data and pictures?
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This is an issue with Excel and embedded pictures.  maintennance will be required to fix this issue