For the 27-year-old gallerist Paul Henkel, collecting art runs in his blood. His mother is the German art dealer Katrin Bellinger, an old-masters specialist. Throughout her career, she has amassed work by the French neoclassical painter Jean-Auguste-Dominique Ingres, the Rococo printmaker Jean-Honoré Fragonard, and pastels by the whimsical Jean-Jacques Karpff.

Last year, Henkel opened Palo Gallery, in Manhattan, when he was only 26. Despite his age, there isn’t anything amateur about the sleek, 3,400-square-foot space on Bond Street, equal parts White Cube and traditional salon. German architect Annabelle Selldorf—who collaborated with Frank Gehry on the Luma Foundation, in Arles—runs her furniture line, Vica, out of the gallery.