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Looking around the room you are in you see several auras that are easily identifiable.
In the pits is a Conjuration ring (inner most), Then an abjuration ring (central ring) and another abjuration ring of stronger power on the outside. All of these spells are not currently active.
The rings from the pit you came from and you assume the water elemental came from are only lingering magics.
The ring on the pedastal glows of transmutation magics. The scrolls glow dimly of stored spells, mixed auras.
The lich glows of overlayed spells, one you can identify easily are -
Levitate, and Spell Turning.
Much of his equipment, like the robe and belt glow too.
The walls glow of abjuration, evocation, transmutation, and enchantment magics all very powerful. You can see black lines running from the room to the lich, seeming to bind him like a leashed dog.
The Black ring on his finger is brilliantly powerful, blinding in its auras. Most strongly you see enchantments magics twined with abjuration. Part of the power of the walls is tied into the ring separately from the binding on the lich. The lines for force that the lich has bound both of you with also glow of enchantment and abjuration magics, there is a hint of necromancy and evocation in the lines that run from the two of you to the ring.
Most obvious is the fact that the lich and the ring are bound separately to the stuff of the plane. There is something wrong with the demiplane though. The ring is pulling power from the plane, who knows to what end.