You can use an IStream* interface pointer to pass your picture object from the COM client to the COM Server.
The IPictureDisp object also implements IPersistStream. That is what the COM client can use to save the picture to a stream. The COM Server can then use IPersistStream to load the picture object from the stream.
The site wouldn't accept a code post so I'm posting images instead.
COM Client -
COM Server -
Before sending stream from client to server -
After stream sent with display of image by server -