For more than a decade, rock & roll memorabilia clothes, instruments, posters, tickets, cars, and photographs have brought healthy sums at Sotheby's auctions. Now Hilary Kay, who helped initiate the first rock-collectibles auction (in London in 1981), has made a large selection of these treasures available to fans of limited means with Rock & Roll Memorabilia: A History of Rock Mementos. For $20 you can savor Bob Dylan's Rolling Thunder jacket, John Lennon's handwritten lyrics for ''Imagine,'' Sid Vicious' trademark string T-shirt, and many other sacred objects, all neatly displayed and elaborately labeled. A


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