Bouquet given by a painter accepting high honour (5)
I believe the answer is:
aroma
'bouquet' is the definition.
(bouquet can mean a wine's aroma)
'a painter accepting high honour' is the wordplay.
'painter' becomes 'RA' (member of the Royal Academy of Arts).
'accepting' is an insertion indicator.
'high honour' becomes 'OM' (Order of Merit).
'ra' enclosing 'om' is 'roma'.
'a'+'roma'='AROMA'
'given by' is the link.
(Other definitions for aroma that I've seen before include "Savour" , "Spicy fragrance" , "Food fragrance" , "Strong smell" , "Fragrance of spices" .)