Didn't destroy the water-colour (6)

I believe the answer is:

spared

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'didn't destroy' is the definition.
I can't tell whether this defines the answer.

'water-colour' is the wordplay.
'water' becomes 'spa' (I've seen this before).
'colour' becomes 'red' (red is a kind of colour).
'spa'+'red'='SPARED'

'the' is the link.

Can you help me to learn more?

(Other definitions for spared that I've seen before include "Avoided incurring" , "Dealt leniently with" , "Was merciful toward, refrained from harming" , "Treated mercifully" , "Saved" .)

I've seen this clue in the Evening Standard.

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