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

The definition is "ring". 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)

Telegraph #30169 | 12 Across | 2022-12-13 flower

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Times Cryptic #29081 (2024-11-22)