For the Sake of Understanding:
Depending on how you're approaching your objective(s), keep in mind that the developer is responsible to Dispose everything that is no longer being used or necessary.
This means: Everything you've created along with your pictureBox (i.e: Graphics, List; etc) shall be disposed whenever it is no longer necessary.
For Instance: Let's say you have a Image File Loaded into your PictureBox, and you wish to somehow Delete that file. If you don't unload the Image File from PictureBox correctly; you won't be able to delete the file, as this will likely throw an Exception saying that the file is being used.
Therefore you'd be required to do something like:
pic_PhotoDisplay.Image.Dispose();
pic_PhotoDisplay.Image = null;
pic_PhotoDisplay.ImageLocation = null;
// Required if you've drawn something in the PictureBox. Just Don't forget to Dispose Graphic.
pic_PhotoDisplay.Update();
// Depending on your approach; Dispose the Graphics with Something Like:
gfx = null;
gfx.Clear();
gfx.Dispose();
Hope this helps you out.