Treasure Magnet

The Treasure Magnet is an accessory that pulls items in a 9.5 tile cube toward the player and can be found in Shadow Chests as well as the Obsidian Lock Box.

When an item is within its range, before directly flying to the player, it will hover a few blocks off the ground.

Despite the tooltip saying that it increases pickup range, it does not. It merely draws items into the players normal pickup range