Artist up for prize (6)
I believe the answer is:
reward
'for prize' is the definition.
(a prize may be given as a reward)
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for reward that I've seen before include "Bounty for, eg, capturing outlaw" , "Bounty; recompense" , "Drawer (anag.)" , "Money offered for services" , "Recompense, remunerate" .)