Old nautical instrument remaining after last of bids (7)

I believe the answer is:

sextant

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'old nautical instrument' is the definition.
'sextant' can be an answer for 'instrument' (sextant is a kind of instrument). I'm unsure of the 'old nautical' bit.

'remaining after last of bids' is the wordplay.
'remaining' becomes 'extant' (I've seen this before).
'after' is a charade indicator (letters next to each other).
'last of' suggests the final letters.
The final letter of 'bids' is 's'.
'extant' put after 's' is 'SEXTANT'.

Can you help me to learn more?

(Other definitions for sextant that I've seen before include "Mariner's instrument" , "Navigator's instrument" , "Measuring instrument on board" , "Measuring instrument for navigation" , "I'll tell you where sailors are" .)

I've seen this clue in The Telegraph.

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