Potts graduated summa cum laude from the Georgia Institute of Technology in Atlanta with a degree in physics, then enrolled at the University of California at Los Angeles to study film directing.
Potts landed a job as first assistant director on the 1972 film of the ballet Don Quixote, which starred his then-lover Rudolf Nureyev. He continued in various production roles before directing his own independent film, More, More, More in 1976 and Psycho Cop in 1989.
From 1993 until his death, Potts worked as the research archivist for the Rudolf Nureyev Foundation in Bath, England. He arranged for the foundation's film archive to be housed at the New York Public Library for the Performing Arts at Lincoln Center, as well as at the Centre Nationale de la Danse in Paris, France.
Potts died in 2006 of lymphoma.
- "Wallace Potts, 59, Nureyev Film Archivist, Is Dead" (July 11, 2006) The New York Times