The most powerful shield is one passed on - try and get a simple socketed shield (3 sockets) and give it the highest level ruby, opal, and turquoise. +40 fire, ice, and electric resistance, and each time it is passed on it gets a bonus. This works for weapons as well - in the original fate game, I hade a sword that did 2500+ of the three mentioned damages, just by doing that.
I have found that these are the most powerful armor in the game:
Helmet: Legendary terrifying visage
Breast plate: legendary enduring victory
Gloves: the raker
Belt: Legendary Ironband
Boots: legendary ancestral footsteps
shield: legendary mage's bane
sword: the vanguard
Ring: branston's bnawtee ring of bling
Nechlace: seal of eternity
The most expensive item to sell: legendary foe cannibal = 12 Million
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