Out of memory with multi images in one picturebox?

Bad. You're loading the image from the file, checking to see if the result is null...then loading it again into a new result so that you can dispose it. While the latter portion is silly, it isn't harmful.

The first portion is, however, as the resulting Image is never properly disposed of (if/when the GC collects it, the finalizer on the Image type should dispose of the unmanaged resources, but this is not a wise thing to rely on).

The picture box internally holds a reference to the bitmap that you place in it. Unless you get rid of the picture box, it's holding a reference to every bitmap you load into it.

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