Old dog chasing its tail gets prize at Crufts, perhaps (7)
I believe the answer is:
rosette
'old dog' is the definition.
The definition and answer can be both man-made objects as well as being singular nouns.
Maybe there's a link between them I don't understand?
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for rosette that I've seen before include "Mark of affiliation" , "decoration showing support for party" , "Political supporter's ribbon" , "Test ore (anag) - badge" , "Prizewinner's decoration" .)