As teleport, except it teleports an object, not the character. Creatures and magical forces (such as a delayed blast fireball bead) cannot be made to vanish. There is a 1% chance that a vanished item is disintegrated instead.
If desired, a vanished object can be sent to a distant location on the Ethereal Plane. In this case, the point from which the object vanished remains faintly magical until the item is retrieved. A successful targeted dispel magic spell cast on that point brings the vanished item back from the Ethereal Plane.