He was the eleventh child of Solomon Borsivic Olinsky, a corn merchant settled at Grodno and Natasha Smirnoff, a niece of the famous vodka merchant.
When Olinsky was born his father was 80 years old and still oversaw his trade personally hoping that the last-born, once finished his studies, might take his business in hand. 
In 1910 Olinsky painted a portrait of his father in lead-pencil. The portrait is still kept.