Peter discovers the photo buried in the earth at a paddock. He takes it home with him and becomes obsessed with finding out where the picture was taken and what it means. He shows his daughter, and whispers something into her ear. We don't hear what he says to her, but she later reports that he whispered, "These violent delights have violent ends", a quote from Romeo and Juliet.
The photo is of a woman standing outdoors in a city (perhaps in Times Square, New York).
Logan's sister, and William's fiancée, Juliet, is the woman in the photo. This is revealed when Logan shows William the same photo (as the one we see in ("The Original"), albeit in a more pristine state.
The photo is seen in William's jacket when he leads Logan around behind his horse. As the horse moves forward the photo slips out of the jacket's pocket and lands on the ground, before being blown away.
Origin of the Photograph
- This photo is a cropped mirror image of a Getty stock photo, of Claire Unabia, who appeared on America's Next Top Model.  Unabia confirmed her identity to The Huffington Post via e-mail, writing that it was "So cool to find that I am a character on ‘Westworld’ unbeknownst to me!" She estimated that the photo was probably taken about 4 years ago. Spotted by reddit user 2EyedRaven.
- The photo was taken by Erik Von Weber. Arnold's last name is revealed to be Weber in The Well-Tempered Clavier.
Possible Continuity Error
There are at least two photographs. When we see Peter digging it out of the ground, we see a corner of the photo, quite clearly. The partial image we see there does not match with the full image we're shown later.
The photo that Peter digs out of the ground is one of the Golden Gate Bridge.