Schatz completed his medical degree at The University of Illinois College of Medicine, followed by an internship at Cook County Hospital in Chicago, ophthalmology residency at The University of Illinois Eye and Ear Infirmary, and fellowship in vitreoretinal diseases at Johns Hopkins Hospital. He was also a specialist in medical retina based in San Francisco, California.
Schatz has had seventeen monographs published of his photographs. H2O (2007), is the third in his series of explorations of imagery made on, over and underwater. Schatz first established a following for this uniquely expressionistic underwater imagery in the 1990s with two collections of underwater photography, Water Dance and Pool Light.
In In Character: Actors Acting (2006), Schatz's sixteenth book of photographs, he photographed 100 actors of stage, screen and television, directing them in one-on-one improvisation.
Schatz's editorial work has been published in Time, Sports Illustrated, Vogue, Vogue Italia, GQ Italia, The New York Times Magazine, The New Yorker, Stern, Life, Black/White, American Photo, Photo France, and Photo Italia. His work has been featured on the Today Show, Good Morning America, NPR, Fox Sports Network, and the Discovery Channel.
He has made underwater images for advertising clients, namely Brizo (a Delta Faucet Company brand), Sensei, Coca-Cola/Sprite, Ralph Lauren RLX, Escada, Sergio Tacchini, Nike, Reebok, Wolford, Etienne Aigner, Sony, Adidas, Finlandia Vodka, MGM Grand Hotel, Virgin Records, and Mercedes-Benz.1992: Gifted Woman
1993: Seeing Red: The Rapture of Redheads
1994: Homeless: Portraits of Americans in Hard Times
1996: The Princess of the Spring and the Queen of the Sea
1997: Passion & Line
1998: Pool Light
2002: Rare Creatures
2006: In Character: Actors Acting
2011: With Child
2012: At The Fights
2013: Caught In The Act: Actors Acting
1996: Virtuoso. 1996. By Ken Carbone with photographs by Schatz.