You'll need a compressor. The handpiece is Teflon lined and doesn't require oil or lube. In fact it doesn't run as well if oil gets in it. You'll need to clean the handpiece every so often; More often if the compressor is older and putting out oil. In that case you should install an oil coalescing filter on it. It is around $75. Here is a list of the items:
Artisan AirGraver™ Handpiece $595
Foot control, idle adjust without regulators $179
Tungsten Dead Blow Piston $125
Goliath Engraving Vise $629
The Artisan comes with one presharpened CarbaltXD and three HSS graver blanks. There is a chart at the bottom of this page describing the various graver steels and the pros/cons of each.
http://airgraver.com/graver-blanks.htm
Sharpener info:
http://airgraver.com/sharpening.htm
Sharpener system with fixture, Universal template and the four diamond bench stones
$225
The above sharpener comes with the 116 degree universal template that I would recommend as an all around V point.
If you'd like to try some other points these three templates would give a good range.
Flat-Knife combo
Detailing point
and maybe a 105 template.
For the handpiece, also consider the Classic
Classic AirGraver™ Handpiece $995
The difference between the Classic and Artisan is the stroke collar. The
stroke collar on the Classic provides the power of several sized handpieces
in one. It is similar to setting the back swing of a hammer hitting a punch.
It can be set at a short back swing or longer one. The PSI flow through the
foot pedal or PalmControl controls the power and speed within a given stroke
length setting. Think of it similar to gears in a car. Set it in first gear
(short stroke) and you have good low end delicate control... or set it in
fifth gear and you can cut much deeper than in first gear. We can still cut
delicate lines in fifth gear but it is easier to cut delicate lines in first
gear. If thinking about this analogy with a car, then the Artisan is fixed
in 3rd gear.