When you insert raster images, the images draw in the order in which you insert them. You can change the draw order of:

You can change the draw order of images and vector objects. By sending an image to the back, the vector objects display on top of the image. Move your cursor over the image to see the results.
The following conditions affect the image draw order:
AutoCAD Map 3D uses image insertion order first. For example, if you insert images A, B, C in that order, and then reorder them so that they are arranged as B, C, A, use REGEN when you open that drawing again to restore the order to B, C, A.
AutoCAD Map 3D always uses this optimization feature and applies it to the draw order of all objects, not just to images.
You can set an option to draw hatch marks over
a selected image. Click
Options.
Select the Display tab. Under Display
Performance, set Highlight Raster Image
Frame Only to off.
If Highlight Raster Image Frame Only is off, when you select an image, it rises to the top of the display order, obscuring any vectors that cross it. Use the REGEN command to restore the proper display order.