Except nobody's going to pay nearly $1,000 for the leftovers, so there is essentially a ceiling on the number of sales that will happen. Let's say the last logo sells for $400 (it's currently stopped at $320, so I don't think that's unreasonable); that's only $2,200 in total revenue for 50 logos.
I think they'll have trouble selling logos for over 360 a piece though. At that point, they'll have only made $1800. Still, not a bad deal for the creator. I just don't think people will pay that much for off-the-shelf logos when sites like 99designs exist.
The total he's trying to net is $40 * 50 (50 + 1) / 2 = $51.000
Not bad!