Flash Gordon - Ice Giant, a mystery

I have recently purchased an old Ral Partha Frost Giant miniature, see below. While comparing my figure to one painted by Joe Videki it became obvious to me that there were in fact two similar, but subtly different miniatures - both called Frost Giants and the cataloguing of the differences has become a little bit of an obsession! I would love to know why this might be the case?

Figure One (the one I own)
Left arm more down to the side, legs side by side, club spike pointing more down, small disc on belt easily seen, feet are smaller, etc. etc.

Figure Two (the Joe Videki painted miniature, see last photo)

Left arm over groin, legs behind one another, club spike comes across rather than pointing down, disc on belt partially hidden by left arm, feet are larger and face thinner, left thigh sticking out. There is also one other thing, the miniature seams to be sauntering, walking with a swing to its step - think John Travolta in Saturday Night Fever!

Can anyone explain if there were in fact two different sculpts, and why?

Tony