Royal regalia item changing hands for a risible figure (5)
I believe the answer is:
clown
'risible figure' is the definition.
(ridiculous or risible person)
I don't understand how the remainder of the clue works.
(Other definitions for clown that I've seen before include "Slapstick entertainer" , "Circus comedian" , "Comic performer" , "Red-nosed, long-shoed entertainer" , "Harlequin" .)