Takes a minute to pick out the sword, but that's ok. Strategic placement of the guard was amusing in an otherwise serious pic. Looks like she has some help holding the sword; that right hand is much bigger and darker than the left. Is that some kind of flag carrier support around her hips, distracting. Got to give it complexity; lots to look at.
I like the concept. There is a slight blur around the breast, but you softened it up to try and cover it. If you could have gotten light on the sword while it wouold have been good.
Well, I keep coming back to this photo as it interests me for a few reasons... the position of the sword was a great idea. Had you used a skinny young woman it would not have the same appeal - the shadows and the monochrome tint add drama - this is a photo of a powerful woman who knows it.
The lack of a real focal point is a bit off-putting for me. lighting is a little dark, making the object the model is holding a little too difficult to make out.