HoH question

Since ive never actually made it to the hall of heroes, what is this chest everyone is talking about? They say it gives like perfect drops and such, but does it just drop for one member or for the whole party? Also how many consecutive wins in the Tomb of primeval kings to you have to get to get there? 10?

When you win the hoh a chest apears 3 sigils and an item drop from the items i have gotten i can tell you they are hardly perfect but they are all gold. The number of consecutive wins to get to the hoh varies because you can skip some areas their are for diffrent ones that are in the gold colored arena right before you get to the hoh so once you get their you are close .