My favorite way is to have the image opened into Photoshop, make an alpha-channel layer mask to suppress the white background, save, and place into InDesign as a .PSD file. This non-destructive technique gives the most editing flexibility in production. By the way, when you have an alpha-channel transparency mask in a PSD file, the moment you place it into InDesign, the transparency is already at work on the page in InDesign.
I dislike the old method of Object > Clipping Path ...
in this case I would stay with the rectangular approach because of higher readability of the text, that is more of a tabular character. If you want the text closer to the text wrapping image I would either ignore the wrap (a text frame option) or remove the wrap from the image or the graphic frame holding the image.
If you do not want this, just follow Michael's suggestions…
I agree with Uwe. Wrapping around the image would make this hard to read.
Do it for an exercise, if you want, but please don't send it to me in a catalog that you want me to purchase from! Thanks!
Thank you Obi-Wan, this is exactly what I was looking to do!
Welcome to the Woodcutters' and other light-saber handlers'!