Gods i love Michael Moorcock books.
I hate to think what i'd be like if I hadn't read Eternal Champion when i was a kid.
I'd probably be into cars or even worse Football! Its too horrible to even think about, lol
mangle - someone mentioned it already that the dark space might need some "filling" or the character to be enlarged... Also is Elric sitting on something? His pose suggests that he is falling down as there is no chair, throne or something behind him. But the light beam works nice so some "dusty, fogy, misty" background would make a mood.
sugar - I like the different color scheme in your first wip. I am missing some cold range colors for a contrast in your last wip. Like some blue tones for example in the sky or even his cape or so... The face looks a bit metalic, but the rendering you've done is awesome.
voluspa - excellent details and rendering. He looks very much like an albino.
Very nice work everybody, really is!