Each of them already has a successful career, or two, or three - and when they tell you they don't expect to make any money, you feel relieved, because you know they won't, at least not yet. This is part-time publishing for the love of it: as Karen Wright says, "We'll just see what happens.". When they are asked about the future, though, the partners are vague. Ideas, it seems, are arrived at casually, and casuallydiscussed. This, we begin to realise, is a very long way from the usual story of small press enterprises, with their almost invariable sagas of debts, doubts and damp premises. With money, clout, PR genius and art expertise like this, it's hard to imagine what this company couldn't do.To begin with, they show their determination to head for the mainstream by distributing their books to the trade through an arrangement with general publishers Fourth Estate: definitely not to specialist bookshops and museums only.

He completes a team that is almost terrifyingly well connected and well financed. The next two editorial projects reinforce the sense of a wide spread: a book on Jackson Pollock and one on Peter Lanyon, sometime, soon.21 is an entirely separate company from the magazine, and has recently added to its triumvirate of directors Sir Tim Sainsbury, art-lover and art-patron, and until recently Tory MP for Hove. Its context and content - see David Sylvester's review, left - imply an admirably wide definition of "things that should be published". While David Bowie recently portrayed Andy Warhol brilliantly and sympathetically in the film Basquiat, and Matthew Collings places Gilbert and George at the head of his pantheon of contemporary greats, Peter Fuller famously accused these artists of "vacuity and vulgarity" Eclecticism obviously rules at 21.

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The first product from "21" (the company is named for the new century) is by Matthew Collings, who writes a regular diary for Modern Painters. Rather more mysteriously, Jacobson adds, "And there are things that should be published."What things? He appears quite relaxed about starting off by publishing a book that hardly reflects his own hottest enthusiasms, still less the spirit of Peter Fuller. And, as Karen Wright points out, for both of them the notorious pitfalls of illustrated publishing are part of well-trodden territory. "We always thought of doing books, but the time was never right until now."Some of the longer commissions at the magazine started to suggest book- length topics, and Jacobson's gallery catalogues have often grown to monograph length. But he made several very respectable sales, and seemed to escape without much critical savaging. A devotee of Modern Painters, he was introduced by Bernard Jacobson and joined the editorial board in 1994, and later the same year contributed a vast, rare interview with the reclusive French painter Balthus, Bowie's not so near neighbour in Switzerland.