@Captn Norrington So how does luck play a part in getting legendary artifacts and how much luck is usually suggested ? Does Luck increase the chance of likelihood of the magic item drops with a higher intensity?
The developers said that Luck increases the chance to get an item with a lot of properties, and can increase the intensity of the properties on items which usually also makes them legendary artifacts (which could be either good or bad, one bad property can make an item worthless but an item with a lot of highly sought after properties with no negative properties could be worth a fortune) however luck does not effect how many total items are on a monsters corpse.
As for how much luck to have, that is a hard question to answer since we have never been given an explanation from the developers specifying how much luck is needed to see significant improvement in items. All they have told us is that luck works in groups of 100, which means that having zero luck, and having 99 luck are weighted exactly the same. Same for 100 and 199 etc. Most people I have seen using luck tend to have about 2,000-3,000 total. There is a luck cap as well, the most anyone can possibly get is 3,400 or something around there.
If your going to be using luck you will definitely want to carry one of these around:
10th Anniversary Sculpture - UOGuide, the Ultima Online Encyclopedia
It can add up to 1,000 luck to your character just by clicking it, depending on the age of your account.