Familiar instrument with a colourful sound (3)

I believe the answer is:

sax

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'familiar instrument' is the definition.
'sax' can be an answer for 'instrument' (sax is a kind of instrument). I'm not certain of the 'familiar' bit.

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for sax that I've seen before include "Jazz instrument (abbr)" , "Wind instrument (abbr)" , "Music-maker" .)

I've seen this clue in the Evening Standard.

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