Hi Michael,

it is only about searching,
checking whether the search result is not in a field,
and a bit of string handling.

Hmm, could be difficult for you as this it
at a somewhat advanced level, if I may say so.

Sub Macro12()
Dim r As Range
Dim s As String
Set r = ActiveDocument.Range
ActiveWindow.View.ShowFieldCodes = True
With r.Find
  .Text = "INCLUDEPICTURE"
  .MatchCase = True
  While .Execute And r.Fields.Count = 0
     r.Collapse Direction:=wdCollapseEnd
    .Text = """*"""
    .MatchWildcards = True
    If .Execute Then
     r.Select ' remove after testing
     s = r.Text
     s = "INCLUDEPICTURE  " & s
     r.Paragraphs(1).Range.Select
     Selection.End = Selection.End - 1
     Selection.Fields.Add _
     Range:=Selection.Range, _
     Type:=wdFieldEmpty, _
     Text:=s, _
     PreserveFormatting:=True
    End If
  Wend
End With
ActiveWindow.View.ShowFieldCodes = False
End Sub

With only 3 pictures, this is working alright,
here and now. However, for timing issues,
I would not recommend trying to do all in one go.

Rather process one picture after the other,
by manually executing the macro for each picture,
like this:

Sub Macro12A()
Dim r As Range
Dim s As String
Set r = ActiveDocument.Range
ActiveWindow.View.ShowFieldCodes = True
With r.Find
  .Text = "INCLUDEPICTURE"
  .MatchCase = True
  If .Execute And r.Fields.Count = 0 Then
     r.Collapse Direction:=wdCollapseEnd
    .Text = """*"""
    .MatchWildcards = True
    If .Execute Then
     r.Select ' remove after testing
     s = r.Text
     s = "INCLUDEPICTURE  " & s
     r.Paragraphs(1).Range.Select
     Selection.End = Selection.End - 1
     Selection.Fields.Add _
     Range:=Selection.Range, _
     Type:=wdFieldEmpty, _
     Text:=s, _
     PreserveFormatting:=True
    End If
  End If
End With
ActiveWindow.View.ShowFieldCodes = False
End Sub

There are many ways of improvement,
e.g. avoiding the selection-object.
I have kind of a strange mixture of
range and selection here.

I've just tried to keep it understandable.

HTH, keep on!