The most common and most likely answer to this crossword clue is the 8 letter word HONOURED
I've seen this crossword clue in The Daily Telegraph
H
O
N
O
U
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D
More clues leading to the result HONOURED
Buddy explains!

The straight part
We know that "held in admiration" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case held in admiration = honoured.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
Crossword Answer definitions
HONOURED verb- To think of highly, to respect highly; to show respect for; to recognise the importance or spiritual value of
- To conform to, abide by, act in accordance with (an agreement, treaty, promise, request, or the like)
- To confer (bestow) an honour or privilege upon (someone)
- To make payment in respect of (a cheque, banker's draft, etc.)
- Respected, having received honour.