AREA became New York City’s top club in the mid-80s, with much of its success rooted in its popularity among artists, many of whom participated in the club’s ambitious program of creating new themes and décor every six weeks.

Similar to the way paintings by Jean-Michel Basquiat have played a key role in the frenzy surrounding contemporary high-end art auctions, the same is happening in the more limited market of vintage contemporary art ephemera. The cards, posters and publications that feature Basquiat and chart the important moments in his…