First I'm selecting with the quick selection tool.
Just a rough selection(use SHIFT to add to selection and ALT to subtract) With the active selection, duplicate the layer then click the layer mask icon Using the lasso tool and a black brush, I clean up the extracted object(use SHIFT to add to selection and ALT to subtract) Now the trick here is that we won't edit the layers directly like this, instead we are going to use adjustment layers Now let's add a basic brightness/contrast adjustment layer Add a selective color adjustment layerWhat it does is that it lets you edit a specific range of colors individually Group all the 3 layers by selecting them then ctrl+g(Or drag them into the group icon) Now ctrl-click the layer mask to select the main object, create a new layer and within that layer fill the selection with black We will be creating a shadow so we must keep in mind the image light source location Free transform and skew the black object layer as you see fit, by trial and error.
You can add any corrections with the brush.
Change the layer blending mode to multiply and lower the opacityThen blur it (Filter>Blur>Gaussian blur) I duplicate the layer, use the smudge tool to push the pixels and then merge them together Now I'm using Burn + Dodge tools to enhance the shading.
Use burn on midtones mode around 30%, on the side that is far from the light source.
Use dodge with same settings on the sides close to the light source Now I boost the brightness/contrast of the background Create a layer on top, add a big soft white circle on the light source to add a fantasy look, change the blending to overlay Done, time to post-process, press CTRL+SHIFT+ALT+E to flatten the image into a new layer First a hue/saturation adjustment layer, move the first slider to the left to warm the color, then boost the saturation and BW levels as you see fit Using a selective color adjustment layer, I edit several color ranges to achieve a higher contrast between colors and adding an overall mood Finally, a color filter adjustment layer (warming filter) To add a vignette, create a black solid layer and mask the middle with a soft brush, change the blending to overlay Group all layers together, done.