Value new sceptre (7)
I believe the answer is:
respect
'value' is the definition.
(I know that value can be written as respect)
'new sceptre' is the wordplay.
'new' is an anagram indicator.
'sceptre' with letters rearranged gives 'RESPECT'.
(Other definitions for respect that I've seen before include "Due regard; detail" , "'Regard, esteem (7)'" , "Show honour to" , "Look up to" , "Spectre (anag.)" .)