Torn material gets valued (9)
I believe the answer is:
Here is my best explanation:
'torn' is the definition.
(lacerating is a kind of tearing)
'material gets valued' is the wordplay.
'material' becomes 'lace' (lace is a kind of material**).
'gets' means one lot of letters go next to another.
'valued' becomes 'rated' (rating is a kind of valuing).
(Other definitions for lacerated that I've seen before include "torn apart?", "Torn", "Distressed", "badly torn", "cut" and "Cut deeply".)