Which 1637 Dutch financial collapse involved speculation in tulip bulbs?

Tulip mania describes the Dutch tulip-bulb speculation and market collapse associated with 1637.

Tulips had become fashionable in the Dutch Republic, and rare varieties commanded high prices. Trading expanded beyond bulbs that were physically available, with contracts involving bulbs expected to be delivered later. This encouraged speculative buying and reselling.

At an auction in Haarlem in February 1637, buyers reportedly failed to appear at expected prices. Confidence weakened, and contract prices fell sharply. The episode is often presented as the first major speculative bubble, though historians debate its scale and the extent of the economic damage.

Tulip mania is not a conventional stock-market crash: tulip bulbs and contracts, rather than company shares, were the assets involved. That distinction matters. The story remains useful because it illustrates how expectations, fashionable assets, leverage, and fear of missing out can inflate prices beyond practical value.