Edit in JSFiddle

<div class="frame">
  <div class="mat">
    <div class="art">
      <img src="http://thinkux.ca/images/horned_owl_i-450.jpg">
    </div>
  </div>
</div>

.frame {
  position: relative;
  width: 100%;
  padding-bottom: 82.5%;
  background: black;
  box-shadow: 0 10px 7px -5px rgba(0, 0, 0, 0.3);
}

.mat {
  position: absolute;
  background: white;
  top: 3.0303%; bottom: 3.0303%; left: 2.5%; right: 2.5%;
  box-shadow: 0px 0px 20px 0px rgba(0,0,0,0.5) inset;
}

.art {
  position: absolute;
  top: 16.129%; bottom: 16.129%; left: 13.158%; right: 13.158%;
}

.art img {
  width: 100%;
}



.art:after {
  content: '';
  display: block;
  position: absolute;
  top: 0;
  width: 100%;
  height: 100%;
  box-shadow: 0px 0px 20px 0px rgba(0,0,0,0.5) inset;
}