I am working on an MS Excel document that contains a lot of (around 200) images. They are currently saved within the document, so the file becomes huge and working gets very slow. Linking the pictures without saving them works very well - I now have the Excel document and a folder "pictures" next to it that contains all my image files.

However, when I move the document and the folder to a new location, all my pictures disappear. This seems to be because Excel saves the link information as absolute paths. (Update: Actually, according to this thread, Excel stores the link information as relative paths as well. Now I really don't know why my links break down..)

Is there a convenient way to save them as relative paths or have Excel automatically update the path information?
Update: It's important that the images get displayed on the sheet and can be printed.

I am working with Microsoft Excel for Mac 2008 and 2011. I really appreciate your help.