Ring artist for a wild fancy (7)
I believe the answer is:
chimera
'a wild fancy' is the definition.
(I've seen this before)
'ring artist' is the wordplay.
'ring' becomes 'chime' (I've seen this before).
'artist' becomes 'ra' (Royal Academician, member of Royal Academy of Arts).
'chime'+'ra'='CHIMERA'
'for' is the link.
(Other definitions for chimera that I've seen before include "Fantastic creation of the mind, like Greek mythical monster" , "wild dream" , "Idle fancy" , "Chair me to find mixed monster of Greek myth" , "fantasy" .)