Táin, a painting by Louis Le Brocquy, which had been offered for sale by RTÉ, has been sold for €102,542 at Sotheby's in London while an abstract painting by William Scott sold for just under €220,000.

The prices include the buyer's premium.

The Arts Council will receive 50% of the proceeds of the sales as it bought the works jointly with RTÉ.

Two other works, Le Brocquy's 'The Massing of the Armies' and Inscape 'Mozaga' by Tony O'Malley were not sold, while a painting by George Campbell called 'Symphony Orchestra' was withdrawn prior to auction and sold privately.

In a statement, RTÉ said: "The five art works put up for action by RTÉ are part of a wider collection which dates back over 50 years. 

"While the proceeds raised in the auction will be reinvested in the organisation, as previously stated, RTÉ is well aware that this sale will not solve our financial issues.  

"In this regard, RTÉ recently published a plan which we are confident can address many of the challenges we face and bring Ireland's national public media to stability."