I don't think Milano Red has a clear coat.

I wouldn't have it sanded down. I'd have a good detailer take a look at it (autopia.org is a good place to find one) and see what they can do. A lot can be done without repainting.

If you want to try something on your own--I've seen good results with Meguiars Color X. It has a lot of cleaners in it. Apply with a terry cloth towel in linear motions working it well into the paint. You may want to follow up with another wax.