Clue: English dons that love Wilde's fanciful novel of Victorian life (3,3,5,4)
Answer: THE OLD WIVES’ TALE
Explanation: Definition: novel of Victorian life
An envelope ('dons') of E ('English') in THOLDWIVESTALE (or choose the second E if you prefer), an anagram ('fanciful") of 'that love Wilde's', for the novel by Arnold Bennett.