I farm the boss Arcanist Doan in Scarlet Monastery, he drops Hypnotic Blade, which sells for 1g
27s, and Illusionary Rod, which sells 1g 59s I think. He also drops Robe of Doan, 40s, and
Mantle of Doan, 30s.

You should be about level 40, which is when I started farming, that's what I did when I wanted
my mount. Smile

Arcanist Doan is level 37 and is in the Scarlet Monastery, located in the far right SM instace, the
boss you gotta kill to get the Scarlet Key. Just Stealth directly to him, avoiding all the other
mobs.

Strategy to kill him:

He's immune to cheap shot, so I suggest ambushing/garroting him. He spams Arcane Explosion
a lot, which hits you for 200 damage, so you better have a lot of hp for him. When his hit points
reaches 50%, he'll put up a blue barrier and charges up Detonation, that is when you better get
the heck out to the other side of the room before it hits you for a good 800 damage. How to
avoid this is to engage the fight while when he walks to a corner of the room, so when he starts
casting Detonation, you have around 5 seconds to bolt to the other side and dodge it. Or you
could just simply resist it. An important part during this portion is to use first aid while he's busy
casting Detonation, and when he's finished, you should just run around a little for your first aid
to finish up before confronting him again. Now just hack at him, use a potion if needed, until he
dies. =) He'll drop 2 items: a Hypnotic Blade/Illusionary Rod AND Mantle of Doan/Robe of Doan.
Which is nearly 2g per round. It takes about 5 minutes for this whole sequence.

Now. How to get him to respawn all the time? Just have a pal to group up with, he can be doing
anything he wants on the other continent if he wants. After you kill Doan and come out of the
instance, have him make you party leader, then he leaves the group, then he invites you again.
There the instance is reset, with a new Arcanist Doan for you to kill. =)