Legendary knight's weapon, auction item (8)

I believe the answer is:

lancelot

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But I can't explain it at all! Could you help me understand?

(Other definitions for lancelot that I've seen before include "K?" , "Knight of the Round Table and close friend of King Arthur's wife, Guinevere" , "One of King Arthur's knights, lover of Guinevere" , "Round Table knight who loved Guinevere" , "Hero" .)

I've seen this clue in The Telegraph.

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