This ties into the William = Man in Black theory, since William would have to drop the photograph at Abernathy Ranch in the past, and then Dolores' father finds it in the "present."
The photograph may never surface again on the show, but the scenes including it were significant enough to lead some fans on Reddit to believe that we will see it again. How did it get there? Who is the woman in the photograph? Was it left there intentionally?
All these questions are up in the air, but people think they found the answer with William. We know he's engaged to Logan's sister, but seems oddly taken with Dolores. Perhaps he decides to leave his "real world" love, and will bury her photograph at the "home" of his new love?