You have to solve a weird puzzle to solve this room, that involves putting items in chests. After standing on the center tile, you'll notice one of the statues light up and have an item floating in front of it, and an item will appear in the one chest in the room without a statue in it. You have to place each item in the correct chest (which you figure out by using that center pressure switch in the center). Keep making more and more items appear and place them in these chests, as shown in the picture. That should open the door once all of them have been put in.
http://www.uesp.net/w/images/OB-quest-Wisdom_of_the_Ages.jpg
If you need more clarification, the link below should help you get your shield.
Source(s):
http://www.uesp.net/wiki/Oblivion:Wisdom_of_the_Ages

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