Edit in JSFiddle

// Head over to the CSS and Results area to see the good stuff

<div class="wrap">
<img src="http://lorempixel.com/400/200/nature/1/" class="photo" />
</div> <!--end wrap -->

.wrap { 
width: 500px;
margin: 50px auto;
}

body { background: #ccc;}

.photo {
    padding: 3px;
    border: 1px solid #fff;
    margin: 10px;
    background: #fff;
    border-bottom: 40px solid #fff;
    border-radius: 0px;
    box-shadow: 0px 8px 3px -8px #111, 0px 6px 0px -3px white, 0px 11px 3px -8px #111, 0px 12px 0px -6px #fff, 0px 21px 8px -15px #111;
}