While Detect Magic Spell is very useful for determining whether items are magical or mundane, finding out the full information usually requires some other magic (usually Read Magic Spell for Magic-users or Commune Spell for Clerics).
Any character can identify a potion by tasting a small amount. However, if the potion is poison or some sort of curse, the effect falls full-power onto the taster. If a character uses the Alchemy Skill, he can identify the potion on a skill roll without risk.
A magic-user can immediately identify the spells and level of a magic-user focus he has acquired. A cleric can immediately identify the spells and level of a clerical focus he has acquired.
4—ARMS AND ARMOR
A magic-user can use Read Magic or a Cleric can use Commune to fully identify all the powers of other sorts of magic items including command words.
A successful skill roll with the Bibliophile skill will appraise the fair market value of a book discovered in the dungeon. If you do not possess that skill, a magic-user or cleric may roll INT or less on 1d100 to so appraise. If you can't appraise the book, it will be sold for a flat 50gp price.
7–APPRAISING GEMS, JEWELRY, ART OBJECTS ETC.
Thieves and Fighters are assumed to know their way around the valuation and disposal of loot and plunder. Therefore, if you have at least one character or henchman in the party of either class, the Judge will reveal the basic market value of all items such as gems, jewelry and art objects found.
SELLING THE LOOT
When you have gathered treasure, various items such as gems, books etc., will have a cash value. You may sell them only at a Castle, Town or City. Selling them at a castle will only yield 50% of cash value, a town 75% and a city 100% of the price. The Judge can impose a period of 1d6 days to dispose of loot in a city, while in a town or castle it will only take single day. If you don’t happen to have a Thief or Fighter to appraise things, you’ll only yield 25% of the market price no matter where you sell things.