Diablo 1 HD Hellfire Mod | Awake

Does the item level(not sure what it is officially called) depend on the character level?
For example, do Ward bows drop on a Lv38 character?
And if it does depend on character, anyone knows the optimal level to farm ward bows?

I don't think what drops depends on character level.
For me up until now I couldn't find much ward bows on the lost treasure hell. I guess I will have to reach level 50 to farm it on Torment.

Drops depend on monster's level only. Drops from chests are equal in level to white monsters' level.