In unhappy times relative will bring out piano (4,5)
I believe the answer is:
baby grand
'out piano' is the definition.
'baby grand' can be an answer for 'piano' (I've seen this before). I am not sure about the 'out' bit.
'in unhappy times relative will' is the wordplay.
'in' is an insertion indicator.
'unhappy' becomes 'bad' (similar in meaning).
'times' becomes 'by' (both can mean 'multiplied by').
'relative will' becomes 'gran' (I can't explain this - if you can you should give a lot more credence to this answer).
'by'+'gran'='bygran'
'bad' placed around 'bygran' is 'BABY GRAND'.
'bring' is the link.
Can you help me to learn more?
(Other definitions for baby grand that I've seen before include "Infant piano?" , "Instrument" , "Small, non-upright piano" , "Smaller piano" , "message of proud new parents?" .)