How to apply a text wrap

When you apply a text wrap in InDesign (using the Text Wrap panel), you should normally apply the text wrap to the frame containing the graphic, not the graphic itself.

In other words, be sure to select the frame with the selection (black arrow) tool before you click on the buttons in the Text Wrap panel to apply the wrap. This will ensure that you can later delete the contents of the frame if necessary, leaving the frame (and the wrap) behind. This may decide to replace the graphic with a different graphic later on, or swap a low-res image for a high-res image.

If you do this incorrectly, and select the contents of the frame with the direct selection (white arrow) tool before you click on the buttons in the Text Wrap panel, the wrap is applied to the graphic itself. This means that if you delete or replace the graphic later on, the wrap will be removed.

For more text wrap help, see this post.