Two paintings of Francis Bacon, by an Australian artist believed to have been his lover, were sold for well over their pre-auction price on Monday, offering good news in a market stunned by the financial crisis.

The works by Roy de Maistre -- "Francis Bacon's Studio" and "Portrait of Francis Bacon" -- were sold for A$180,000 ($112,600) and A$96,000 ($60,000) respectively at Sotheby's sale of modern Australian art.

The two paintings, among a collection of six de Maistre works, had not been seen by the public for nearly 50 years.

"I think both works illustrate very well that even in the present climate, works of exceptional provenance which carry conservative estimates are strongly competed for by enthusiastic collectors," Georgina Pemberton, head of Sotheby's Australian paintings, told Reuters after the sale.

"All of de Maistre's paintings sold tonight."

The de Maistre star lots, which depict one of Bacon's many studios and a portrait of the young artist with carefully drawn eyebrows and bright red lips, had been estimated by Sotheby's at between $37,600-$50,000 and $5,000-$7,500.

Sotheby's paintings' specialist David Hansen said they had been painted in the 1930s, when the two artists were "associating."

"They were certainly closely associated both personally and professionally -- close but exactly how close is not known," Hansen said of the two artists.

Art and jewelry auctions by major auction houses Christie's and Sotheby's have fallen short of estimates in recent months, weighed down by the financial turmoil which has devastated markets and erased huge amounts of savings and investments.

The Sotheby's auction, which also included works by Australian artists John Perceval and Brett Whiteley, had a collective pre-sale estimate of A$3.3 million-A$4.4 million ($2.1 million-$2.75 million), but it was not immediately known how much the sale had actually generated.

De Maistre, who died in 1968, was considered a leading exponent of early Modernism in Australia. Bacon, who died in 1992, is believed to have made de Maistre's acquaintance when he was about 20 years old, possibly in France or London.