The article linked here is exactly what I was writing about on November 17 (after that epiphany on the crosstown bus), in a post called “Returning to center.”
The Publishers Weekly piece is “The Rise of the Seven-Figure Advance.” Subhead: “Major deals become the ‘new normal,’ thanks to steeper competition for fewer high-profile projects.”
It’s a good job of reporting, and no fault of the reporter (Rachel Deahl) that the information is simultaneously all true and all nonsense. The article addresses why publishers are throwing huge amounts of money around right now; when the same publishers decide it was a mistake to hand out seven-figure advances, they’ll tell a different story. Wait, watch, and see.