Chain encircling turned-up collar shows decorative art (7)
I believe the answer is:
ikebana
'decorative art' is the definition.
'ikebana' can be an answer for 'art' (Japanese art of flower arranging). I'm not certain of the 'decorative' bit.
'chain encircling turned-up collar' is the wordplay.
'chain' becomes 'ikea' (I can't justify this - if you can you should give a lot more credence to this answer).
'encircling' is an insertion indicator.
'turned up' says the letters should be written backwards.
'collar' becomes 'nab' (both can mean to catch a person).
'nab' in reverse letter order is 'ban'.
'ikea' going around 'ban' is 'IKEBANA'.
'shows' acts as a link.
Can you help me to learn more?
(Other definitions for ikebana that I've seen before include "Art of Japanese flower arrangement" , "artistic arrangement" , "formal display" , "Japanese flower-arranging art" , "Japanese art of flower arranging" .)