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Pen tool to draw shapes, add some drop shadow, overlay some paper textures, etc... Not an easy thing to explain, but a very easy thing to do.
 
I'm sure you already know this but they are in fact photographs. You might be able to replicate the effect with the method MattSepeta suggested. Where you might have trouble is in the extremely subtle shadow detail as its very complex.
 
As handy as photoshop's layer effects palette is, *if* I were trying to accomplish that composition entirely in photoshop, I would hand draw the drop shadows.
 
As handy as photoshop's layer effects palette is, *if* I were trying to accomplish that composition entirely in photoshop, I would hand draw the drop shadows.

I agree. And I would also be sure to add some noise in the shadow layers to give texture and smooth out any brush strokes.
 
I agree. And I would also be sure to add some noise in the shadow layers to give texture and smooth out any brush strokes.

I agree too. Thanks for help everyone! I'm not necessarily interested in creating something like this, I was more so just interested. But it is now in my head for the future!
 
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