The Dutch speculative bubble that burst in 1637 after tulip-bulb prices collapsed was Tulip mania.
Tulip mania developed in the Dutch Republic during the 1630s, when rare tulip varieties became highly fashionable among wealthy buyers and collectors. Contracts for bulbs could be traded before the bulbs were even delivered, creating a futures-like market. Prices rose dramatically for some especially prized varieties.
The market reached a turning point in Haarlem in February 1637, when an auction reportedly failed to attract buyers. Confidence weakened, and prices fell rapidly. Historians debate how widespread the speculation was and whether the episode caused serious damage to the wider Dutch economy. Popular accounts often portray it as a nationwide economic catastrophe, but modern scholarship generally treats that description as exaggerated.
Tulip mania is still used as a classic example of speculative bubbles. It should not be confused with the South Sea Bubble of 1720 or the Mississippi Bubble, which involved company shares rather than tulip contracts.