A precious artifact causes 1d4 items from a player's inventory to be sent to 1 random plane of existence, once per day. The artifact must be in a player's possession (on their person or in a bag or similar container owned by them) to have effect. Abandoning the artifact removes the curse, but does not restore the items.
To retrieve a lost item, players must either invoke the help of a planar ally, or else travel to the plane themselves. If your gaming group has been looking for an excuse to start exploring alternate planes, this may be the impetus you've been waiting for.