Here is the macro which is in the Sheet1 module:
Private Sub Worksheet_Calculate()
Dim oPic As Picture
Me.Pictures.Visible = False
With Range("F1")
For Each oPic In Me.Pictures
If oPic.Name = .Text Then
oPic.Visible = True
oPic.Top = .Top
oPic.Left = .Left
Exit For
End If
Next oPic
End With
End Sub
In the work book this is what it looks like:

How do I gain access to Me.Pictures? We’d like to add pictures and delete some of the existing pictures.
Try running this which just uses the third line in your existing code
Merefers to the worksheet object the code is in. And each picture appears to be named with the items in the listTo change the picture name, enter a new name via the Name Box (left of Formula bar).