These are partial sweater sleeves from A Nightmare on Elm Street 4: The Dream Master (1988). The sleeves were cut by the costumer from a sweater used in the final sequence of the film where Freddy is attacked by his chest of souls. Robert Englund is seen wearing the sweater, with sleeves cut, in the photo. The sleeves and photo remained in the costumer's private collection until recently.
More from A Nightmare on Elm Street 4: The Dream Master (1988)