Investigations discovered the painting was sold in 1910 for £100 and after the owner died, it was given to a second owner who bequeathed it to Godalming Parish Council, a forerunner of Waverley Borough Council in 1920.
In July, council leaders offered Penlee Gallery the opportunity to buy the painting.
Herbert said: “We are grateful to Waverley Borough Council for their considered decision to offer the painting through a private treaty sale, rather than releasing it to the uncertainties of auction.”
She explained it was because Langley had come from a poor, working-class background in Birmingham that he had been drawn to depicting the common hardships and tragedies that took place in Newlyn.
The name Newlyn School was used to describe a colony of artists based in or near the harbour village from the 1880s until the early 20th Century.
The gallery bought the painting with support from the Arts Council England, the Victoria & Albert Museum Purchase Grant Fund, Art Fund and The Friends of Penlee House.