We present a method for embedding and detection of visual watermark patterns in printed images that use clustered-dot halftones in the printing process. The method allows two independent watermark patterns to be multiplexed, i.e. embedded in the same region of the printed image, thereby offering an improvement over prior techniques. The watermark patterns are embedded via phase modulation along the two periodicity directions of the halftone. Each embedded pattern can be visually detected, without interference from the other watermark, when the printed image, or a scan thereof, is overlaid with a decoder mask consisting of periodic lines oriented along the corresponding halftone periodicity direction. We experimentally demonstrate that our proposed multiplexing technique is effective. We also present analysis that demonstrates that the embedding has minimal visual impact and explains the pattern observed in the watermark detection process.