For a given integer $k$, let $\ell_k$ denote the supremum $\ell$ such that every sufficiently large graph $G$ with average degree less than $2\ell$ admits a separator $X \subseteq V(G)$ for which $\chi(G[X]) < k$. Motivated by the values of $\ell_1$, $\ell_2$ and $\ell_3$, a natural conjecture suggests that $\ell_k = k$ for all $k$. We prove that this conjecture fails dramatically: asymptotically, the trivial lower bound $\ell_k \geq \tfrac{k}{2}$ is tight. More precisely, we prove that for every $\varepsilon>0$ and all sufficiently large $k$, we have $\ell_k \leq (1+\varepsilon)\tfrac{k}{2}$.
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