Artist, British actor and, finally, Francis Bacon (7)
I believe the answer is:
rashers
'bacon' is the definition.
(as in rashers of bacon)
'artist british actor and finally francis' is the wordplay.
'artist' becomes 'ra' (Royal Academician, member of Royal Academy of Arts).
'british actor' becomes 'sher' (actor Antony Sher).
'and' says to put letters next to each other.
'finally' suggests the final letters.
The final letter of 'francis' is 's'.
'ra'+'sher'+'s'='RASHERS'
(Other definitions for rashers that I've seen before include "eaten at breakfast" , "Thin slices of bacon" , "Meat slices" , "Tasty strips of bacon" .)