The appearance of the nonpareil tulip as a status symbol coincides with the rise of newly independent Holland's trade fortunes. The tulip was different from other flowers known to Europe at that time, because of its intense saturated petal colour. Shortly thereafter, the tulip grew in popularity. He planted his collection of tulip bulbs and found that they were able to tolerate the harsher conditions of the Low Countries. Their popularity and cultivation in the United Provinces (now the Netherlands) started in earnest around 1593 after the Southern Netherlandish botanist Carolus Clusius had taken up a post at the University of Leiden and established the hortus academicus. These bulbs were soon distributed from Vienna to Augsburg, Antwerp and Amsterdam. Tulip bulbs, along with other new plant life like potatoes, peppers, tomatoes and other vegetables, came to Europe in the 16th century. The introduction of the tulip to Europe is often questionably attributed to Ogier de Busbecq, the ambassador of Charles V, Holy Roman Emperor, to Sultan Suleiman the Magnificent, who sent the first tulip bulbs and seeds to Vienna in 1554 from the Ottoman Empire. In a commentary on the economic folly, one monkey urinates on the previously valuable plants, others appear in debtor's court and one is carried to the grave. 1640) depicts speculators as brainless monkeys in contemporary upper-class dress. Ī Satire of Tulip Mania by Jan Brueghel the Younger (ca.
Many modern scholars believe that the mania was not as destructive as he described, but was limited to cliques of urban artisans. Although Mackay's book is a classic, his account is contested. Mackay claimed that many investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. The 1637 event gained popular attention in 1841 with the publication of the book Extraordinary Popular Delusions and the Madness of Crowds, written by Scottish journalist Charles Mackay, who wrote that at one point 5 hectares (12 acres) of land were offered for a Semper Augustus bulb. The high asset prices may also have been driven by expectations of a parliamentary decree that contracts could be voided for a small cost, thus lowering the risk to buyers. For example, other flowers, such as the hyacinth, also had high initial prices at the time of their introduction, which then fell as the plants were propagated. Some modern economists have proposed rational explanations, rather than a speculative mania, for the rise and fall in prices. Research is difficult because of the limited economic data from the 1630s, much of which come from biased and speculative sources.
At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled artisan. Among the most notable centred on the tulip market, at the height of tulip mania. įormal futures markets appeared in the Dutch Republic during the 17th century. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values. It had no critical influence on the prosperity of the Dutch Republic, which was one of the world's leading economic and financial powers in the 17th century, with the highest per capita income in the world from about 1600 to about 1720. In many ways, the tulip mania was more of a then-unknown socio-economic phenomenon than a significant economic crisis. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. The major acceleration started in 1634 and then dramatically collapsed in February 1637. Tulip mania ( Dutch: tulpenmanie) was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. A skilled craftsworker at the time earned about 300 guilders a year. Its bulb was offered for sale for between 3,000 and 4,200 guilders (florins) depending on weight ( gewooge). A tulip, known as "the Viceroy" ( viseroij), displayed in the 1637 Dutch catalogue Verzameling van een Meenigte Tulipaanen.
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