Next, we'll need a picture in a frame. Let's start with the frame itself. Create a new layer set, new layer inside it, and draw a dark-red rectangle.
in menu, find select > modify > contract and contract selection by around 20 pixels.
hit Del to remove selected image.
Add the following layer effects:
Stroke (1pixel, outside, almost black), bevel (3-4 pixels, overlay mode), shadow (not too big). Tweak settings carefully, to make frame as realistic as possible.
underneath this layer, create new layer, fill it with darker grey, and add black Inner glow effect.