Something odd has happended. I copied your Perl and inserted my path to the picture I wanted to use. On my system (Excel 2007 on Windows XP) the two pictures ended up on top of each other (and not near either of the target cells).
Re^2: Adding pictures to Excel
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That is odd. I tested both methods from this thread on my Win XP/Excel 2002 machine and they both work as expected. The only difference is that with davies' code above both images are inserted at the same point and you can see the second picture location change (but that won't be an issue when Excel visibility is turned off). With my version the images are inserted in the specified (different) places initially. Assuming your cell references in the code are not the same, I can't think of an explanation right now.