Word cannot merge a graphic or OLE-object directly from a database because
it does not understand the type of data the database sends across (long
binary). Therefore, you have to workaround this obstacle.

 1.. Save the graphics files in a folder (directory) on a drive
 2.. Place the file name (or path information) in a field in the database
 3.. Reference the graphic file information by nesting the merge field in
an IncludePicture field.
 Example: { IncludePicture "C:\\Data\\Pics\\{ Mergefield Signature \*
upper }" }
 4.. You must now merge to a new document.
 5.. Update the field display so that each record shows the correct
picture. (You can press Ctrl+A to select the entire document, then F9 to
update the fields.)
Note the double backslashes in the example, as well as the double-quotes.
Both are necessary if the field is to work correctly.