The Wizards' Lair dungeon is one of the reward options from the Find the Seeds of Time quest.
When you are teleported to the dungeon, go straight and head down the path going West.
Follow that path and take the East path and enter the door.
Loot the vases to the left and right of the force field. The left vase contains 10,000 gold and the right vase contains a Rune Gem.
Use the Disarm spell on the force field to destroy it.
Take 3 Steps forward to enter the Room of Nails.
Go 6 Steps South
3 Steps East
1 Step South.
Loot the 10,000 Gold on the wall.
Return to the Entrance.
Go 1 Step South.
6 Steps East
1 Step South
2 Steps East.
Kill Tar' Na 'Thal
Now go past the teleport and loot the 10 Amethyst Gems, 10 Emerald Gems, and 10 Sapphire Gems from the vase.
Take 1 Step North
2 Steps West.
Enter the door.
Take 4 Steps North
Tap the East Painting.and the right wall will disappear.
Loot the 10,000 Gold from the vase to the right.
Turn North and get the Key to Phredd's Emporium.
Exit the room and go to the right and use the key to open the red door.
Loot the 2 vases to the south. They contain the Ring of Life, a bag of wood, Merlin's Sphere, and Stale Bread.
Now go 1 Step West.
6 Steps North
3 Steps West.
You are now in Phredd's Emporium.
There are two vendors located in Phredd's Emporium that sell quest related items that you may have lost along the way.
I recommend you mark this area.
You are now completed with this dungeon and can recall out or use the teleport outside the building to exit.