I wasn't sure where I was going to go with this, so I decided I would just play with it by rebuilding the pencils. If nothing else, it would be good practice. I started with the brown pencil, since it was the largest, and distorted it into shape. I took parts of the other pencils, blended with the clone tool, adjusted the brightness and merged.

I was still just playing at this point, so I took the tips of the pencils and, using warp and distort, fit them to the ends of the wooden pencils. I decided I didn't like the raw pencils, so I painted them by using the sample color tool on the tip and, on a separate layer, painted the color over the wood. I used the magic wand on the wood layer, creating the "marching ants", then back to the paint layer and Edit > Clear. A perfect fit over the wooden part.
I used a Brightness/Contrast adjustment layer for the shadow and the pen tool > stroke with a lighter color and blur for the high light.

Finally, inspiration. If you have colored pencils, you're going to draw something. So you need a drawing pad. And, if you're drawing, you're not always going to get it right the first time. Added the wads of paper. I made the wads of paper look different by using warp, distort, turning some and layering others. I also used Image > Match Color, matching the color of the wads to the pad.

Now, what to draw. In my imagination, the artist saw a pretty girl when he was riding the bus and, when he got home, started to draw her from memory. I am not that artist. I placed the photo over the drawing pad and reduced the opacity. On another layer, I drew the classic proportions guide. Taking colors from the pencils, I drew in her eyes, hair, mouth and skin.

I merged all the drawn parts onto the pad, scattered the pencils (breaking one in the process) and painted in the shadows.

Some of his unsuccessful attempts would be showing, so I took parts of my drawing and warped, smudged and erased them to fit on the paper. I also used a Brightness/Contrast adjustment layer to add shadowing on the paper wads.