From Zelda Legends Wiki
A pictograph acquired by Lenzo and offered to Link for 50 rupees. These legendary subjects include the Great Fairies and King Hyrule. By buying these pictographs, you can see pictures of characters in the game that you cannot ordinarily take pictures of, because they only appear in cutscenes. Even though the pictures are in black and white, Carlov will accept them and will make figurines based on the pictures.