When you turn off the Picture Placeholders option, you can view the picture or the object in all views. To turn off the Picture Placeholders option, follow these steps, as appropriate for your version of Word.
Word 2007
Click the Microsoft Office Button, and then click Word Options.
Click Advanced.
Under Display document content, click to clear the Picture Placeholders check box.
Click OK.
Word 2010
Click File, and then click Options.
Click Advanced.
Under Show document content, click to clear the Show Picture Placeholders check box.
Click OK.