Not 100% sure if this is a film or just a possibly unknown French magazine photoshoot, but go to the very bottom of this page to the 16 January post and you come to a series of fetishised photos which end up with some very tasty M/F spanking shots. If it is a film, I'd love to know which one.
Incidentally, I suspect the links on this page could lead to some exciting discoveries.
This looks like some frames from a 'photoroman', a kind of photographed comic strip where you have posed stills of actors illustrating a story, the dialogue added in balloons. They're popular in Italy too, where they're known as 'fotoromanzi'. The idea's never really caught on in the UK - nor, as far as I know, in the US.