Tulip mania is the commodity-market collapse commonly linked to Dutch tulip speculation in 1637.
During the Dutch Golden Age, rare tulip bulbs became objects of intense interest among merchants and collectors. Some bulbs were traded through contracts before they were delivered, and prices for especially fashionable varieties rose sharply. In February 1637, confidence weakened and a Haarlem auction reportedly failed to attract buyers.
The episode is often presented as history’s first major speculative bubble. However, historians debate its scale and social impact. Modern research suggests that the most extreme stories may have been amplified by later moralizing accounts, and that the number of people directly ruined was probably smaller than popular retellings imply.
Tulip mania differs from a modern stock-market crash because tulip bulbs are physical commodities rather than shares in companies. It remains a classic example of speculative enthusiasm, rapidly changing expectations, and collapsing demand.