It's an interesting discussion, but naturally, fantasy artists and designers draw inspiration from real life, ironically, it's the reality within fantasy that makes it so fantastic! The reason Elves became more human and realistic rather than little green pixies is so that human readers like ourselves could relate to them more, understand their emotions, and ultimately connect with them on a readerly and sympathetic level. The same goes for the way fantasy cultures design their weaponry, clothing and architecture.
I have a brilliant and comprehensive book on swords and sabres that I use as reference material in my own artworks, and I can confirm that many of the swords used by the medieval eastern-European and African peoples (Persia, China, Mesopotamia, Egypt in particular) resemble something very close to the Elven swords of PJ's films. Similarly, there are several Indian and Sri-lankan swords that are remarkably akin to more Orcish weapons, such as the way they are shaped, or indeed the more barbarous nature of their design due to the fact they were often used for hunting or for a similar purpose. Indian ritual swords (from around 1750) in particular have a very Orkish feel to them, and I don't mean this in a discriminatory way, more that when I look at the primitive and yet functional design of the blade I instantly think 'Orc'.
And as a p.s., if you haven't guessed already, I am utterly fascinated by this aspect of fantasy design, so thanks very much for allowing me to indulge in such a debate!
_________________ Wise Old Elf
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