Jump to navigation Jump to search “Tulip fever” redirects here. For the film set during the period le bitcoin wiki pl tulip mania, see Tulip Fever. 1637 Dutch catalog Verzameling van een Meenigte Tulipaanen.
A skilled craftsworker at the time earned about 300 guilders a year. Dutch Golden Age during which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. Among the most notable centered on the tulip market, at the height of tulip mania. The 1637 event was popularized in 1841 by the book Extraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay. In a commentary on the economic folly, one monkey urinates on the previously valuable plants, others appear in debtor’s court and one is carried to the grave. The tulip was different from every other flower known to Europe at that time, with a saturated intense petal color that no other plant had.
The appearance of the nonpareil tulip as a status symbol at this time coincides with the rise of newly independent Holland’s trade fortunes. Anonymous 17th-century watercolor of the Semper Augustus, famous for being the most expensive tulip sold during tulip mania. As a result, tulips rapidly became a coveted luxury item, and a profusion of varieties followed. Growers named their new varieties with exalted titles. Admirael van der Eijck for example, was perhaps the most highly regarded of about fifty so named. Tulips grow from bulbs, and can be propagated through both seeds and buds. When a bulb grows into the flower, the original bulb will disappear, but a clone bulb forms in its place, as do several buds.
Properly cultivated, these buds will become bulbs of their own. Wagon of Fools by Hendrik Gerritsz Pot, 1637. Followed by Haarlem weavers who have abandoned their looms, blown by the wind and flying a flag emblazoned with tulips, Flora, goddess of flowers, her arms laden with tulips, rides to their destruction in the sea along with tipplers, money changers and the two-faced goddess Fortuna. A standardized 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. 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. By 1636 the tulip bulb became the fourth leading export product of the Netherlands, after gin, herrings and cheese.
The price of tulips skyrocketed because of speculation in tulip futures among people who never saw the bulbs. Many men made and lost fortunes overnight. 37, when some bulbs were reportedly changing hands ten times in a day. No deliveries were ever made to fulfil any of these contracts, because in February 1637, tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. The lack of consistently recorded price data from the 1630s makes the extent of the tulip mania difficult to discern.
Economist Peter Garber collected data on the sales of 161 bulbs of 39 varieties between 1633 and 1637, with 53 being recorded by GW. Ninety-eight sales were recorded for the last date of the bubble, February 5, 1637, at wildly varying prices. By 1636 tulips were traded on the exchanges of numerous Dutch towns and cities. A golden bait hung temptingly out before the people, and, one after the other, they rushed to the tulip marts, like flies around a honey-pot. Every one imagined that the passion for tulips would last for ever, and that the wealthy from every part of the world would send to Holland, and pay whatever prices were asked for them. The increasing mania contributed several amusing, but unlikely, anecdotes that Mackay recounted, such as a sailor who mistook the valuable tulip bulb of a merchant for an onion and grabbed it to eat. The merchant and his family chased the sailor to find him “eating a breakfast whose cost might have regaled a whole ship’s crew for a twelvemonth”.