He does have it in his inventory.
But if I remember correctly, items with 0 value (such as this ring) have a very rare chance of ever being seen in the pickpocket window.
hmm.... so you mean it's all about numerously "ctrl+activate"ing that slaver douch, further fortifying luck to outerspace proportions or quick loading the game?
edit: okey, back form Sadrith Mora.
player->setluck 1000000000 didn't give any results except his empty inventory. => no use in pickpockets here.
Also changing the ring's price in cs didn't do anything.
Anyway thanks for the swift input Pluto.