Fancy ring given to eminent artist (7)
I believe the answer is:
chimera
'fancy' is the definition.
(chimera can mean a fancy or delusion)
'ring given to eminent artist' is the wordplay.
'ring' becomes 'chime' (eg a bell chimes or rings).
'given to' is a charade indicator (letters next to each other).
'eminent artist' becomes 'ra' (Royal Academician, member of Royal Academy of Arts. I am not sure about the 'eminent' bit.).
'chime'+'ra'='CHIMERA'
Can you help me to learn more?
(Other definitions for chimera that I've seen before include "A wild fancy" , "Illusion" , "eaders of radio appear after jingle" , "Illusory achievement; mythical beast" , "Creature such as a gryphon" .)