An unassuming room, The Lost Room is accessed by using The Key on a door. The Key is the only known way to access the Room. The Room allows it's occupant to open the door to any door the occupant can imagine. It is unknown how The Room determines which door to take someone to if they do not have a door imagined.
The Room resets to a set state every time it's door is closed. This resetting will vanish any thing not an Item left in the room, and will place any Items left in the room into default locations. The Key seems to stop this resetting when in the room. This is the only known case of an Item having a supernatural effect while in the Room. It is unknown what happens to a person who is in the room without the key while the door is closed.
All Items have their origin in The Room.
The Event
In a school of the Arcane arts a group of five wizards decided to attempt an experiment. The nature or purpose of this experiment is unclear. What is clear is that after months of preparation the other wizards of the school could tell the experiment needed to be stopped and moments before the ritual was to be performed, put a stop to it.
The five wizards were not to be so easily stopped and feigned acceptance of the other wizard's decision, but secretly planned to continue the experiment in one of the wizard's servant's room.
The wizards prepared their ritual again and began the experiment. If the desired effect was contact with an unspeakable Eldridge horror, than the experiment could be deemed a success because that is exactly what happened. The wizards began to go mad, some killed themselves, others killed their compatriots. Either way in the end the room was full of dead bodies and a figure standing in the center of the room flashing in and out of existence. This indescribable figure vanished, along with the entire room, leaving a whole in the middle of the tower. The servant whose room they used saw all this happen through the key-hole of the door.
The other wizards who came across this sight, not knowing what happened, held the servant responsible for what happened and locked him in their dungeon. The servant having on his person the skeleton key for his now vanished room, attempted to unlock his cage using it, knowing that skeleton keys often can work in holes they were not meant to. Upon trying the key, the servant was surprised to find it turning easily, but was even more amazed at what he beheld next. The door opened up not to the outside of the prison, but to the very room that had vanished. Not wishing to be put to death, the servant had no choice but to enter the now mysterious Room, and close the door behind him.
The Items
The servant quickly discovered the nature of the Items in the Room. Over an unusually long life-time, the servant learned the nature of every item. He would sell useful items as 'magical items' to fund his research. He would spend the money to hire people to help him identify the Items' properties, and this way protected himself from negative effects, and was able to continue to fund his research.
After many years the servant learned some of the hidden properties of the Items. The servant learned that the Items are inert in the Room - they behave exactly as any other object of their kind would behave in the outside world. He also learned that while the Items are invulnerable and cannot be taken apart in the outside world, while in the room they become destructible and disassemble-able. This is the only known way of destroying an Item. The servant also found out that items when used together begin to take on entirely new effects, but he had sold so many Items that learning all the possible combinations became an impossible task. One of the strangest things the servant learned, was that items attract one another. People with Items seem to come across others often, while those without any items often never come across even a single one.
The last thing the servant learned, and arguably the most important thing that he learned, is that owning an Item always comes with a 'price' that it's user must inevitably pay. After learning this the servant gave away the rest of the items just to be rid of them in an attempt to stave off the 'prices' of his extended use of the many, many items. He only wished he had not already begun paying his 'price'.