What’s shown when terribly austere, right? Wrong (8)

I believe the answer is:

treasure

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'what's shown when terribly' is the definition.
I can't tell whether this defines the answer.

'austere right? wrong' is the wordplay.
'right?' becomes 'r' (abbreviation).
'wrong' is an anagram indicator.
'austere'+'r'='austerer'
'austerer' is an anagram of 'TREASURE'.

Can you help me to learn more?

(Other definitions for treasure that I've seen before include "Cherish like heap of valuables" , "... Island (R.L.Stevenson)" , "Valuables, fortune" , "Value highly" , "quantity of wealth" .)

I've seen this clue in The Everyman puzzle in The Observer.

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