| Tulip mania
It was not until the late 16th century that the tulip was imported from Turkey, so at the beginning of the 17th century it was still considered new and exotic. It quickly became a popular and costly collector’s item.
Before long there were dozens of varieties on the market. The tulip trade blossomed. In 1636-1637 the demand for tulips skyrocketed, and the ensuing ‘tulip mania’ led to wild speculation in ‘tulip futures’. Trading in tulip bulbs proved to be a quick and easy way to make money, since almost everyone who bought bulbs could sell them a short time later for two or three times as much. The bulbs – and contracts for their delivery – thus exchanged hands for ever greater sums of money. Many people bought bulbs on credit, promising to pay later and sometimes even putting up their house as collateral. In February 1637 the bubble burst: prices plummeted and many people were left destitute. The tulip trade was mocked in prints and paintings by such artists as Jan Brueghel the Younger, who portrayed the dealers as monkeys.
The Dutch, incidentally, went on cultivating tulips, to the extent that the flower is now the national symbol. |