A fine first submission, Mystic. I especially like the drawbacks to using the flute poorly -- fae can be dangerous when angered, but I bet that you could still talk your way out of serious trouble. This is also a nice reminder that an item need not be ornate or auspicious to be magical.
A few thoughts:
The paragraph you spent on how the item passed from hand to hand makes for an interesting read, but adds little to the overall piece. After hearing how the flute parted company with its creator, all we really need to know is that it changed hands many times before being lost in a forest. This is a minor nitpick; you wouldn't need to cut it out unless you were planning on greatly expanding this piece. At that point, it would become an unnecessary extra.
This would be fun to combine with axlerowe's Magical Songs.
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Overall, I like this item enough that I may have to use this in an upcoming submission as a quest reward.