Another time in retrospect, artist falls (7)
I believe the answer is:
niagara
'falls' is the definition.
(Niagara Falls)
'another time in retrospect artist' is the wordplay.
'another time' becomes 'again' (synonyms).
'in retrospect' says the letters should be written backwards (in retrospect means looking back).
'artist' becomes 'RA' (Royal Academician, member of Royal Academy of Arts).
'again' written backwards gives 'niaga'.
'niaga'+'ra'='NIAGARA'
(Other definitions for niagara that I've seen before include "Great falls on border of Canada and USA" , "1953 Marilyn Monroe film noir thriller" , "Famous waterfall" , "Canadian waterfall" , "It falls in North America" .)