Cut a wood blank that is .75" thick, 11.5" wide, and 7.25" tall. The frame is designed to be 10.5" wide, so the extra 1" width allows .5" of clamping space on each side. I used 1×8 pine, but any wood will do.
Clamp the wood down to the wasteboard. Place clamps on left and right sides only. Keep clamps within .25" from the edges of the board to allow for bit clearance.
Install a 1/16" bit. Position the bit at the bottom left corner of the board and carve. Carve time is approximately 47 minutes. When finished carving, use a table saw to trim off the extra width that was used for clamping.
Sand any fuzzies off the carved surface. Apply paint or finish of your choice. Cut the picture and a piece of clear acrylic to 7.5" wide x 3.75" tall. Bend and wedge the acrylic and picture into the grooves.
Note: To remove the picture and acrylic, bend them to relieve the force from the edges of the grooves. If you pop out the ends, the acrylic can catch the edge and chip out the face of the wood.