jats:pWith well-established methods for producing photo-realistic results, the next big challenge of graphics and display technologies is to achieve perceptual realism --- producing imagery indistinguishable from real-world 3D scenes. To deliver all necessary visual cues for perceptual realism, we built a High-Dynamic-Range Multi-Focal Stereo Display that achieves high resolution, accurate color, a wide dynamic range, and most depth cues, including binocular presentation and a range of focal depth. The display and associated imaging system have been designed to capture and reproduce a small near-eye three-dimensional object and to allow for a direct comparison between virtual and real scenes. To assess our reproduction of realism and demonstrate the capability of the display and imaging system, we conducted an experiment in which the participants were asked to discriminate between a virtual object and its physical counterpart. Our results indicate that the participants can only detect the discrepancy with a probability of 0.44. With such a level of perceptual realism, our display apparatus can facilitate a range of visual experiments that require the highest fidelity of reproduction while allowing for the full control of the displayed stimuli.</jats:p>