did a save as on a powerpoint presentation, all images missing from new file

The behavior is consistent with PowerPoint saving a version of the file in which image data had already been removed or heavily compressed before the Save As was done.

From the symptoms:

• Original file: ~450 MB (likely contains full‑fidelity images, possibly with editing data and cropped areas retained).
• New file: ~45 MB and images appear missing (or so low‑quality/placeholder that they look missing).
• A later attempt “works perfectly,” suggesting the second Save As was done from a version of the presentation that still had intact images.

PowerPoint can significantly change image content and size when:

1. Pictures are compressed or cropped data is deleted
   If at some point before the problematic Save As someone ran Picture Format → Compress Pictures and chose options such as:
   • “Delete cropped areas of pictures,” and/or
   • A low resolution under Resolution, then saved, the file would permanently lose the original high‑resolution image data. A subsequent Save As from that already‑compressed file will be much smaller and may appear to have “missing” or unusable images.
2. Global image settings are changed at file level
   Under File → Options → Advanced → Image Size and Quality, settings such as:
   • “Discard editing data,” and
   • A low Default resolution can cause PowerPoint to strip stored editing data and down‑res images when the file is saved. Once that happens and the file is saved/closed, the original image quality cannot be recovered.
3. Basic compression on save (older behavior)
   PowerPoint performs basic compression of images on save. Once images are compressed and the file saved, the original quality is not recoverable. The context notes that “It isn't possible to recover pictures that have already been compressed.” If the first Save As occurred after such a compression event, that copy would be small and appear to have lost images, while a later Save As from a non‑compressed version would look fine.

Why it happened once and not the second time:

• The first Save As was likely done from a version of the file after image compression/deletion settings had been applied (manually via Compress Pictures or via options), so the saved copy had stripped or unusable image data.
• The second Save As was done from a version of the file that still had intact images (for example, an earlier copy, or after undoing changes before saving), so it retained all images and stayed large.

What can be done going forward:

1. In the affected file, check Picture Format → Compress Pictures and ensure:
   • “Delete cropped areas of pictures” is not used unless intentionally reducing size.
   • An appropriate resolution is selected.
2. In File → Options → Advanced → Image Size and Quality:
   • Avoid “Discard editing data” if future re‑editing or full‑quality images are needed.
   • Use a higher default resolution if image quality is important.
3. Keep a backup copy of large, image‑heavy presentations before running any compression.

Once a specific .pptx has been saved after images were compressed or editing data discarded, the original images in that file cannot be restored; recovery would require an older backup or version history (for example, from OneDrive/SharePoint) if available.

References:

• Reduce the file size of your PowerPoint presentations
• Loss of image quality after you save in Word, Excel, or PowerPoint 2007