I've had to do the same thing. Here's an adaptation of what I've used. I'm assuming your photos are on the 1st sheet, if not change it according. Also you should change the path to where you'd like all the images saved:
Option Explicit
Public Sub ExportAllPics()
Dim shp As Shape
Dim path As String: path = "C:\Temp\"
Dim cnt As Integer: cnt = 1
Application.DisplayAlerts = False
With Sheets(1)
For Each shp In .Shapes
If shp.Type = msoPicture Then
shp.Copy
With Charts.Add
.Paste
.Export Filename:=path & CStr(cnt) & ".jpg", FilterName:="jpg"
.Delete
End With
cnt = cnt + 1
End If
Next
End With
Application.DisplayAlerts = True
End Sub
This is similar to the link provided in one of the comments in that it sets up a chart, copies an image to it and exports the chart as a jpeg file (This is the only way I've managed to make this work - perhaps someone else will post a solution that copies an image directly to file). The chart that is set up is a temporary one that is used for the export and is immediately deleted. The display alerts have to be disabled otherwise a message box will pop up for each chart deletion.
EDIT:
The following is a variant of the above. Each picture is copied (temporarily to cell A1), scaled, copied to the clipboard (after which the temp picture in A1 is deleted), added to a new cleared Chart from the clipboard and then exported:
Option Explicit
Public Sub ExportAllPics2()
Dim shp As Shape
Dim path As String: path = "C:\Temp\"
Dim cnt As Integer: cnt = 1
Application.DisplayAlerts = False
With Sheets(1)
For Each shp In .Shapes
If shp.Type = msoPicture Then
shp.Copy
.Range("A1").Select
.Paste
With Selection
.Height = 600
.Width = 400
.Copy
.Delete
End With
With Charts.Add
.ChartArea.Clear
.Paste
.Export Filename:=path & CStr(cnt) & ".jpg", FilterName:="jpg"
.Delete
End With
cnt = cnt + 1
End If
Next
End With
Application.DisplayAlerts = True
End Sub
If the height/width ratio is okay for each of the pictures inside the worksheet, then you should be able to scale them to an appropriate size by locking the aspect ratio. Unfortunately the workbook I used had pictures with distorted dimensions, hence the reason I set the height/width to a standard size - with the result that most of the pictures appear suitable with some exceptions.