When you successfully bring Carlov a picture for every figurine, the next time you come into the Nintendo Gallery Carlov won't be at the desk anymore. The guy usually found walking around (Manny) will come up to you and say
"That manager guy is gone, you know... Yeah, he left one last figurine
and took off somewhere. I have no idea where."
He then relates to you a message left by Carlov that was written in the Gallery, talking about how he has crafted every last figurine and has left to seek new inspiration. Finally, Manny ends by hypothesizing how "you're the new master of the Nintendo Gallery."
Manny also mentions that there is a new figurine in the "vast ocean room," and travelling to the back of that room will reveal the final figurine of Link riding on the King of Red Lions.