Alright - let's clear this up once and for all :
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As per the rulebook :
Page 22 of the old PDF file "Chapter 2 - Isles Rules"
Any item not being used at an event must be kept in a specifically out of game location, such as a specified trunk, foot locker or car. These items are not ‘checked in’, not considered to be ‘in’ Asylum, and cannot be brought into game during the event. If you wish to bring an item into game, you must get out the tag and sign and date it for that event. It is
considered to be carried by the character even if it is kept in a magical location, such as the effects created by Muses’ Whimsy or Inspiration of the Muses.
Now, this means - if you want access to an item - you should date the card with the event date.
This simply shows that it was "present" at the event ...
Please note - this paragrap says nothing about "duration" or "wear". This is only about having access to an item.
Page 21 of the olf PDF file :Chapter 2 - Isles Rules"
Item Duration, Maintenance, and Repair
All crafted items, unless noted otherwise, last for a base duration of 2 events for an Apprentice quality item, 4 events for a Journeyman quality item, and 6 events for a Master quality item. You must mark off 1 event of duration on the item card at the end of any event where the item was used. You do not need to mark off duration for an item tag, such as a spare weapon, that was never attached to a phys rep or used for any effect during the event.
So, by this paragraph : When you "use" and item (even if only for 1 use during an entire event), you then mark off a duration box.
An item will last forever if not actually "used" in game.
By definition : If you place tags in a Bag of Holding - the Bag of Holding 'ages'. You are making use of it's effect to carry the tags.
It does not matter if you ever take anything <out> of the bag - by putting something <In> to the Bag, you have used it for that event.
-Chris