Trinkets, Enchanted Items, and Artifacts
Arcane magic in Galhadria has been around a long time (as one might imagine). In our history, the ancient giants invented tools, and it was the trickster fey Shalokar who taught them to bind stolen magic into those tools, thus creating all manner of magically enhanced tools.
Since the vast majority of magical practitioners are relatively weak, the vast majority of items created with magical abilities are also weak. These we’ll call trinkets for the purposes of this discussion. A trinket won’t have much magical power and might be only have a cosmetic function. For example, in one of my deleted scenes a woman with brilliant red hair wears a trinket that creates the illusion that her hair is actually aflame. A cool party trick that might cast some dim illumination, but hardly an item a hardened adventurer would wear into the manticore’s lair. Such a trinket might be able to manifest its effect for a few hours (for a very weak one), a few uses, or perhaps for years, depending on the relative power of the enchanter who created it. There are lots of trinkets in our stories - devices for making light, cosmetic magical effects, or glamors that alter the appearance of the user. A lot of single-use items (like potions) would also fall broadly into this category as they are relatively minor magics (or entirely alchemical). These would be relatively inexpensive and easy to get in a reasonably sized city.
Proper enchanted items, on the other hand, are much more rare and valuable. These are the kinds of magical tools that can have a major effect on a story, fight, or other situation - a magic wand, an enchanted ring or a bespelled amulet. These could mimic the magic effects of serious magic - battle spells meant to kill or bind; concealment magic, movement magic, that kind of thing. Magic weapons or armor would also fall into this category. These items would be uncommon and valuable; possession would likely be limited to people of means like nobles, wizards of power, major temples, agents of those in power, and ruling families of various nations. For example, two of my characters in a work-in-progress have a modest magical item each - one a ring that can throw a wicked punch, and the other a rod which has limited anti-magical functions. They are both high ranking agents of the state they serve and these items would not be their personal property.
Artifacts are powerful magical creations, usually with an array of powers and often of great age. If there is an artifact in a story, it is usually a key focus of that story and could easily be either the McGuffin everyone is trying to get or the key step to the villain’s grand plan. A weapon or wand of this power would be wielded by a hero of legend, great paladin, or the mightiest of wizards; a mid rank temple priest would have difficulty mastering or using such an item. These items are likely priceless and would never be for sale. These kinds of treasures would also have names and legends of their own, and might pop up across multiple stories over the years.