This Artifact grants an additional free slot for any item, allowing its owner to use additional items beyond normal limits. E.g., Lazlo could equip a second necklace or a third ring or a second pair of boots or a sixth ioun stone, etc. It does not grant one extra slot for all item slots simultaneously, he must pick one per adventure. This power does not negate the rule against equipping duplicate items.
It also adds +10 Treasure Chips to the total earned each adventure by the owner.