Tulip mania is the name commonly given to the Dutch speculative episode that peaked in 1637 and is often cited as the first recorded asset bubble.
Rare tulip bulbs became fashionable luxury goods in the Dutch Republic. Traders bought contracts promising future delivery, and prices for certain varieties rose dramatically. In early 1637, confidence failed at auctions, buyers disappeared, and quoted prices collapsed. The episode entered popular history as a warning about irrational speculation.
Modern historians have challenged some of the most dramatic retellings. The evidence suggests that the number of people ruined may have been smaller than later stories claimed, and the episode probably did not cause a nationwide economic disaster. Much trading involved contracts rather than ordinary ownership of bulbs, which also makes direct comparisons with modern stock-market crashes imperfect.
Tulip mania remains useful as a financial-history example, but it is not literally a stock-market crash. The tulip trade involved commodities and contracts, while the South Sea Bubble involved shares in a joint-stock company.