Sadly risible, keeping Times owner's name inscribed in book here (2,6)
I believe the answer is:
ex libris
'owner's name inscribed in book here' is the definition.
(design in a book indicating who owns it)
'sadly risible keeping times' is the wordplay.
'sadly' indicates anagramming the letters.
'keeping' is an insertion indicator.
'times' becomes 'x' (multiplication sign).
'risible' with letters rearranged gives 'elibris'.
'elibris' enclosing 'x' is 'EX-LIBRIS'.
(Other definitions for ex libris that I've seen before include "Commemorative bookplate" , "Bookplate inscription" .)