Born in Panemune, which is in present-day Lithuania, Nikol Schattenstein studied at the Academy in Vienna and moved to Berlin in 1906. He was best known for his portrait paintings. Regina Vanderbilt, Raoul Auernheimer and Lev Trotsky were among his sitters. In 1939, Schattenstein immigrated to the United States and exhibited his work in New York galleries such as Duveen-Graham, Schoneman and French & Co.
He was, at times, requested to paint portraits of historical founding members and old board members of major companies such as the Insurance Company of North America. He had to recreate time and dress as he painted portraits of people before his time. He showed an ability to capture the feeling of physical presence and liveliness, which was evident in all of his portraits.