"There's a confidential settlement," said Art Morgan, the family's attorney.
Sir Peter Bazalgette, the chair of ACE, said: "This is an astonishing settlement for arts and culture.
Despite a better-than-expected settlement, the arts council is facing a further 1.17% drop in its government provision this year, while fewer people are buying lottery tickets.
Already a keen artist before being obliged to start work on Boxing Day 1933 after his father lost his job, Cornish soon joined a sketching club at the Spennymoor Settlement, an arts and recreational centre in the town.
"Labour has said that our starting point for Department for Culture, Media and Sport funding – as for all departments – is the government's 2015-16 splansng plans on the basis of which the Arts Council England has already made three year settlements with arts organisations up and down the land.
A forged Robert Motherwell painting was branded with the equivalent of a scarlet letter on Tuesday in a legal settlement involving three art galleries and the Dedalus Foundation, which owns the copyrights to Motherwell's works.
The Schiele painting was offered by the Leopold Museum, Vienna in order to pay settlement in an art restitution case.
It is the recent settlement for the arts in the Chancellor's autumn statement.
The Department for Culture Media and Sport said ministers had "negotiated a remarkably good national settlement for the arts given the economic conditions, limiting the cut to the Arts Council's overall budget to around 11%".
We secured a fair settlement for the arts in the comprehensive spending review and we also reformed the National Lottery, increasing the share to the arts back to what it was when the Lottery was set up".
Additionally, it covers case law and hard-to-find out of court settlement documents pertaining to art ownership issues in the United States.
