Artist has that fabric (5)
I believe the answer is:
rayon
'fabric' is the definition.
(rayon is a kind of fabric)
'artist has that' is the wordplay.
'artist' becomes 'ra' (Royal Academician, member of Royal Academy of Arts).
'has' is a charade indicator (letters next to each other).
'that' becomes 'yon' (archaic term meaning 'that').
'ra'+'yon'='RAYON'
(Other definitions for rayon that I've seen before include "Material - or any (anag)" , "Man-made fabric" , "Or any (anag) -- fibre" , "Artificial fibre" , "Imitation silk" .)