includepicture field problem

Whether it is a bug or 'by design' is difficult to say. Word 2010 has many changes to graphics handling and this appears to be one of them. All however is not lost. Display the field codes. Put your cursor in the field you want to copy and run the first macro.

Move to where you want the image and run the second macro. The field will be recreated at that location. See http://www.gmayor.com/installing_macro.htm   

Sub CopyField()
Dim oRng As Range
    If ActiveWindow.View.ShowFieldCodes = False Then
        MsgBox "Display fields and insert the cursor in the field before copying."
        Exit Sub
    End If
    Set oRng = Selection.Range
    oRng.MoveStartUntil Chr(19), wdBackward
    oRng.Start = oRng.Start
    oRng.MoveEndUntil Chr(21)
    oRng.End = oRng.End - 2
    oRng.Copy
End Sub

Sub PasteField()
Dim oFld As Field
Dim oRng As Range
Dim DataObj As New DataObject
Dim strCode As String
    ActiveWindow.View.ShowFieldCodes = True
    Set oRng = Selection.Range
    DataObj.GetFromClipboard
    strCode = DataObj.GetText
    Set oFld = ActiveDocument.Fields.Add(oRng, wdFieldEmpty, False)
    oFld.Code.Text = Replace(oFld.Code.Text, oFld.Code.Text, strCode)
    oFld.Update
    ActiveWindow.View.ShowFieldCodes = False
End Sub