>SavePicture() requires an object reference in VFP. I've tried with value returned by OleCreatePictureIndirect() but that's simply a pointer to the object. That doesn't work. In order to use SavePicture(), I'd have to use SYS(2600) to copy the object. Unfortunately, I have no idea as to what to specify for the size. Or am I misunderstanding something here?

May be you overlooked what for VFP7 IPic parameter in OleCreatePictureIndirect() is declared as Object. SavePicture() works for me. You can try this code for saving clipboard content in BMP file:

#define PICTYPE_BITMAP 1
#define CF_BITMAP 2
#define IID_IDispatch Chr(0x00)+Chr(0x04)+Chr(0x02)+Chr(0x00)+ ;
		Replicate(Chr(0x00), 4)+Chr(0xC0)+Replicate(Chr(0x00), 6)+Chr(0x46)

Declare Long OpenClipboard In user32 Long hWnd
Declare Long CloseClipboard In user32
Declare Long GetClipboardData In user32 Long uFormat
Declare Long OleCreatePictureIndirect In oleaut32 ;
	String @ PicDesc, String @ RefIID, Long fPictureOwnsHandle, Object @ IPic

If OpenClipboard(0) != 0
	lhBmp = GetClipboardData(CF_BITMAP)
	If lhBmp = 0
		MessageBox("No bitmap data in clipboard")
	Else
		* Create Picture object according to PICTDESC structure
		PictDesc = DWord(16) ;				&& Size of PICTDESC structure
				 + DWord(PICTYPE_BITMAP) ;	&& Type of picture
				 + DWord(lhBmp) ;			&& HBITMAP
				 + DWord(0)					&& HPALETTE
		IPic = 0
		iid = IID_IDispatch
		OleCreatePictureIndirect(@PictDesc, @iid, 0, @IPic)
		SavePicture(IPic, "clipbrd.bmp")
	EndIf

	CloseClipboard()
EndIf