Fancy ring given to artist (7)
I believe the answer is:
chimera
'fancy' is the definition.
(I've seen this before)
'ring given to artist' is the wordplay.
'ring' becomes 'chime' (I've seen this before).
'given to' means one lot of letters go next to another.
'artist' becomes 'ra' (Royal Academician, member of Royal Academy of Arts).
'chime'+'ra'='CHIMERA'
(Other definitions for chimera that I've seen before include "Mythical monster, part lion, goat and serpent" , "Chair me to find mixed monster of Greek myth" , "Illusory aim; monster" , "Mythological animal; something illusory" , "Vain, foolish, or incongruous fancy" .)