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thers appear in debtor s court and one is carried to the grave native name tulpenmanie date 1634 february 1637 location dutch republic also known as tulpomania type market bubble and collapse a tulip known as the viceroy viseroij displayed in the 1637 dutch auction catalogue verzameling van een meenigte tulipaanen collection of a set of tulips by pieter cos 1 its bulb was offered for sale between ƒ 3 000 4 200 depending on weight gewooge a skilled artisan at the time earned about ƒ300 a year 2 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 the major acceleration started in 1634 and then dramatically collapsed in february 1637 it is generally considered to have been the first recorded speculative bubble or asset bubble in history 3 4 in many ways the tulip mania was more of a then unknown socio economic phenomenon than a significant economic crisis it had no critical influence on the prosperity of the dutch republic now the netherlands 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 circa 1600 to 1720 5 6 the term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values 7 8 forward markets appeared in the dutch republic during the 17th century among the most notable was one centred on the tulip market 9 10 at the peak of tulip mania in february 1637 certain tulip bulbs sold for more than 10 times the annual income of a skilled artisan 2 the semper augustus was the most expensive tulip during the mania 4 at its height this tulip was even sold for ƒ10 000 in guilders equivalent to approx 130 000 in 2024 11 research is difficult because of the limited economic data from the 1630s much of which comes from biased and speculative sources 12 13 some modern economists have proposed rational explanations rather than a speculative mania for the rise and fall in prices 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 the high 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 the 1637 event gained 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 14 mackay claimed that many investors were ruined by the fall in prices and dutch commerce suffered a severe shock although mackay s book is often referenced his account is contested 15 many modern scholars believe that the mania was not as destructive as he described 16 17 18 19 background and history edit semper augustus 17th century anonymous watercolour in the tulip book of the six collection rijksmuseum amsterdam 4 the semper augustus is famous for being the most expensive tulip sold during the tulip mania the note states that the specimen was sold for ƒ 3000 38 000 in 2024 11 the dutch tulip business edit the introduction of the tulip to europe is often 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 20 21 tulip bulbs along with other new plant life like potatoes peppers tomatoes and other vegetables came to europe in the 16th century 22 these bulbs were soon distributed from vienna to augsburg antwerp and amsterdam 23 southern netherlandish botanist carolus clusius is largely responsible for the spread of tulip bulbs in the final years of the 16th century he planted tulips at the vienna imperial botanical gardens in 1573 he finished the first major work on tulips in 1592 in which he noted the colour variations their popularity and cultivation in the dutch republic now the netherlands 24 started in earnest around 1593 after clusius had taken up a post at leiden university in the newly established hortus botanicus 25 he planted his collection of tulip bulbs in a teaching garden and his private garden in late 1593 and found that they were able to tolerate the harsher conditions of the low countries 26 shortly thereafter the tulip grew in popularity 27 the spring of 1594 is considered the date of the tulip s first flowering in the netherlands despite reports of the cultivation of tulips in private gardens in antwerp and amsterdam two or three decades earlier these tulips at leiden would eventually lead to both the tulip mania and the tulip industry in the netherlands 28 over two raids in 1596 and in 1598 more than one hundred bulbs were stolen from his garden the tulip was different from other flowers known to europe at that time because of its intense saturated petal colour the appearance of the nonpareil tulip as a status symbol coincides with the rise of newly independent dutch republic s trade fortunes no longer under spanish reign its economic resources could now be channelled into commerce and the netherlands embarked on its golden age amsterdam merchants were at the centre of the lucrative east indies trade where one voyage could yield profits of 400 29 around this time the ceramic tulipiere was devised for the display of cut flowers stem by stem vases and bouquets usually including tulips often appeared in dutch still life painting as a result tulips rapidly became a coveted luxury item and a profusion of varieties followed they were classified in groups the single hued tulips of red yellow or white were known as couleren the multicoloured rosen white streaks on a red or pink background violetten white streaks on a purple or lilac background and the rarest of all the bizarden bizarres yellow or white streaks on a red brown or purple background 30 the multicolour effects of intricate lines and flame like streaks on the petals were vivid and spectacular making the bulbs that produced these even more exotic looking plants highly sought after it is now known that this effect is due to the bulbs being infected with a type of tulip specific mosaic virus known as the tulip breaking virus so called because it breaks the one petal colour into two or more 31 32 less conspicuously the virus also progressively impairs the tulip s production of daughter bulbs 33 the semper augustus was the most expensive tulip during the tulip mania 4 during the peak this tulip was even sold for ƒ 10 000 130 000 in 2024 11 after seeing the tulip in the garden of dr adriaan pauw a director of the dutch east india company nicolas van wassenaer wrote in 1624 that the colour is white with carmine on a blue base and with an unbroken flame right to the top the semper augustus was actually not a tulip variety but rather a tulip affected by the tulip mosaic virus with limited specimens in existence at the time and most owned by pauw his refusal to sell any flowers despite wildly escalating offers is believed by some to have sparked the mania 34 the historian philipp blom theorised in his book nature s mutiny that the mania might also have been driven by the effects of the little ice age which left most other flowers dry and shrivelled by the temperature while the tulip was the one which sustained itself 35 admirael van der eijck from the 1637 catalogue by pieter cos 1 sold for ƒ1045 on february 5 1637 growers named their new varieties with exalted titles many early forms were prefixed admirael admiral often combined with the growers names admirael van der eijck was perhaps the most highly regarded of about fifty so named generael general was another prefix used for around thirty varieties later varieties were given even more extravagant names derived from alexander the great or scipio or even admiral of admirals and general of generals naming could be haphazard and varieties highly variable in quality 36 most of these varieties have now died out 37 the tulips bloomed in april and may for about one week during the plant s dormant phase from june to september bulbs can be uprooted and moved about so actual purchases in the spot market occurred during these months 33 during the rest of the year florists or tulip traders signed forward contracts before a notary to buy tulips at the end of the season 33 thus the dutch who developed many of the techniques of modern finance created a market for tulip bulbs which were durable goods 24 short selling was banned by an edict of 1610 which was reiterated or strengthened in 1621 and 1630 and again in 1636 short sellers were not prosecuted under these edicts but forward contracts were deemed unenforceable so traders could repudiate deals if faced with a loss 38 speculative period edit wagon of fools by hendrik gerritsz pot 1637 haarlem weavers chase a wind borne wagon flying a fool s cap flag flora goddess of flowers rides aboard to destruction in the sea with the vices fraud gluttony and avarice mrs mania and idle hope fortuna a standardised price index for tulip bulb contracts created by earl thompson thompson had no price data between february 9 and may 1 thus the shape of the decline is unknown the tulip market is known to have collapsed abruptly in february 39 as the flowers grew in popularity professional growers paid higher and higher prices for bulbs with the virus and prices rose steadily by 1634 in part as a result of demand from the french speculators began to enter the market 40 the contract price of rare bulbs continued to rise throughout 1636 by november the price of common unbroken bulbs also began to increase so that soon any tulip bulb could fetch hundreds of guilders forward contracts were used to buy bulbs at the end of the season 41 traders met in college at taverns and buyers were required to pay a 2 5 wine money fee up to a maximum of ƒ3 per trade neither party paid an initial margin nor a mark to market margin and all contracts were with the individual counter parties rather than with the exchange the dutch described tulip contract trading as windhandel air trade because no bulbs were actually changing hands the entire business was accomplished on the margins of dutch economic life not in the exchange itself 41 the tulip folly by jean léon gérôme 1882 tulip mania reached its peak during the winter of 1636 37 when some contracts were changing hands five times no deliveries were ever made to fulfil these contracts because in february 1637 tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt 42 a contemporary satire suggests that the crisis started to unravel at february 3 in haarlem where an auctioneer failed to find willing buyers despite lowering the asking price several times 43 44 the actual circumstances of the crash are unknown 45 46 the collapse seems to have occurred by the end of the first week of february 1637 which caused a number of disputes over the extant contracts 47 on february 7 tulip growers scrambled in utrecht to elect representatives for a national assembly in amsterdam 46 their situation had become uncertain as the buyers no longer had any interest in honouring the contracts and there was no legal basis for enforcing them 48 by the end of february the representatives gathered in amsterdam for deliberations they decided on a compromise where all contracts entered before december 1636 would be binding but later contracts could be cancelled by paying a fee amounting to 10 of the price 45 49 the matter was brought before the court which declined to rule one way or the other and referred the question back to the city councils 50 the dutch legislature decided to cancel all contracts to allow fresh deals to be struck during the summer 51 52 in haarlem the issue dragged on since the government left it to the parties to solve their issues by arbitration or other means in may the city ruled that buyers could cancel any extant contracts at a fee of 3 5 of the price 51 the dutch court system remained busy with a number of tulip disputes throughout 1639 53 in the end most contracts were simply never honoured 54 55 available price data edit the lack of consistently recorded price data from the 1630s makes the extent of the tulip mania difficult to discern the bulk of available data comes from an anonymous satire dialogues between waermondt and gaergoedt written just after the bubble economist peter m garber de collected data on the sales of 161 bulbs of 39 varieties between 1633 and 1637 with 53 being recorded in the dialogues 56 ninety eight sales were recorded for the last date of the bubble february 5 1637 at wildly varying prices the sales were made using several market mechanisms forward trading at the colleges spot sales by growers notarised forward sales by growers and estate sales to a great extent the available price data are a blend of apples and oranges according to garber 56 mackay s madness of crowds edit basket of goods allegedly exchanged for a single bulb of the viceroy 57 item value in dutch guilders two lasts of wheat ƒ 448 four lasts of rye ƒ 558 four fat oxen ƒ 480 eight fat swine ƒ 240 twelve fat sheep ƒ 120 two okshoofden 464l of wine ƒ 70 four tuns 4kl of beer ƒ 32 two tuns 2kl of butter ƒ 192 1 000 ponden 494kg of cheese ƒ 120 a complete bed ƒ 100 a suit of clothes ƒ 80 a silver drinking cup ƒ 60 total equal to the viceroy ƒ 2500 the modern discussion of tulip mania began with the book extraordinary popular delusions and the madness of crowds published in 1841 by the scottish journalist charles mackay he proposed that crowds of people often behave irrationally and tulip mania was along with the south sea bubble and the mississippi company scheme one of his primary examples his account was largely sourced from a 1797 work by johann beckmann titled a history of inventions discoveries and origins 58 beckmann in turn used several available sources but all of them drew heavily from the satirical dialogues that were written to mock the speculators 59 mackay s vivid book was popular among generations of economists and stock market participants his popular but flawed description of tulip mania as a speculative bubble remains prominent even though since the 1980s economists have debunked many aspects of his account 59 according to mackay the growing popularity of tulips in the early 17th century caught the attention of the entire nation the population even to its lowest dregs embarked in the tulip trade 14 by 1635 a sale of 40 bulbs for ƒ100 000 was recorded by way of comparison a tun 930 kg or 2 050 lb of butter cost around ƒ100 a skilled labourer might earn ƒ150 350 a year and eight fat swine cost ƒ240 14 by 1636 tulips were traded on the exchanges of numerous dutch towns and cities this encouraged trade by all members of society mackay r...
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