What does the cryptic crossword clue "Fancy ring given to artist (7)" mean?

The definition is "Fancy". The wordplay uses a charade (building blocks). CHIME (synonym="ring") + RA (abbreviation="artist") = CHIMERA; definition: "Fancy" The answer is CHIMERA.

Fancy ring given to artist (7)

Times Cryptic #29081 | 5 Across | 2024-11-22 flower

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Telegraph #30169 (2022-12-13)