There are two main methods to this depending on the client you're using.
Firebolt
You can go into the color settings and select the checkbox for "show SFXP color codes," lore the item, then go back and uncheck the box to return to normal.
Other clients
Log onto a telnet type client and when it asks if your client supports ANSI colors, instead of yes or no, answer client and log in as normal. You will then be in client mode and code everywhere so lore the item and you'll have the color codes. To return to normal mode on your client to you have to fully log out of the game, rent/camp and hit 0, then log back in answering yes as normal instead of client.