Really nice work, I also agree about the handles, I kind of like the molten lava on the axe, it looks really nice and is a great stylish choice even though it's not realistic, but as shrew81 said, fighting dragons with a realistic axe ain't realistic either. =P
I agree that the handles need to have more than that single color, and the piece that connects the handle to the axe head looks like you just slapped on some random texture, and it looks stretched. I like the way the axe head is made, even if its not so realistic, and the guards on the sword isnt very realistic, but…