[Lord of Angmar]

I doubt that at that point he was thinking "You know, I'd really like all colours, but darn it, Radagast has a lock on brown"

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I agree Kalimac. The "Many Colours" title is one of figurative significance and nothing more. It is a means of (in Saruman's mind) showing his greater power and his evolution from one of the order of the Istari into a hopeful tyrant over Middle Earth.