New picture frames charged originally at a reduced rate (3-5)
I believe the answer is:
cut-price
'at a reduced rate' is the definition.
'new picture frames charged originally' is the wordplay.
'new' indicates anagramming the letters.
'frames' is an insertion indicator.
'originally' says to take the initial letters.
The initial letter of 'charged' is 'c'.
'picture' is an anagram of 'cutprie'.
'cutprie' going around 'c' is 'CUT-PRICE'.
(Other definitions for cut-price that I've seen before include "At reduced cost" , "At a much reduced rate" .)