An Item Property applied to some forms of Armor and Clothing. Items in these categories can only be worn by Elves (or Humans wearing Morph Earrings). It can neither be artificially added nor removed when crafting with Runic Tools.
Oddly enough, Elven Glasses are not Elves Only.
Some artifacts from the Mondain's Legacy Minors set which would normally be wearable by either race have the Elves Only property tacked onto them. Some of these items can appear without this property, this seems to be more likely if a Peerless boss drops them. These are: