architectus,
I think it’s great to see you really experimenting with perspective, and I definitely like the first sketch best; I think you could take the perspective even further, and have the angle be looking over the painting / statue’s shoulder and down at the tiny figure ~ you still want to resolve what might be happening in the vast, empty space to the viewer’s left. Keep pushing these concepts!
shyam,
Great to see you playing with this concept, you’ll have to determine if you like the new direction or the old best ~ I’m just here to make suggestions, I don’t see any of what I say as being right or wrong.
Keep going, would love to see what you do next.
Shaolin7,
Welcome aboard! It’s great to see draughtsmanship of your caliber, and as I mentioned by email, I would highly encourage you to create a CGPortfolio to showcase some of your beautiful drawings and artworks. 
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Looking forward to seeing your contributions here!
EDIT:
Mecha,
One suggestion I might have would be to potentially overlap the two figures a bit more / give the giant more of a forced perspective. Think of where the viewer’s view point is and maybe block that out in terms of perspective blocks ~ the giant, I think, woud recede a lot more in perspective than he is doing now. My 2 cents. 
Cheers,
~Rebeccak