The phrase relates to the level of information available to the investor, which the broker "paints" by describing the bid and ask price. In the case of a one man picture, the investor does not have many quote options and thus may not be able to obtain the ideal price.
Investment dictionary. Academic. 2012.
One man picture — The picture quoted by a broker is said to be a one man picture if both the bid and offered prices come from the same source. The New York Times Financial Glossary … Financial and business terms
one-man picture — When both bid and the offered prices of a broker come from the same source. Bloomberg Financial Dictionary … Financial and business terms
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