1636-1637

First speculative bubble, on the tulip bulb market

In the Neth­er­lands in the 17th century, the prices of tulips were driven upwards as a result of their rarity and novelty. In the 1630s, they became an object of spec­u­lation. This euphoria lasted until 1637, when a sudden price reversal led buyers to sell in a movement of panic.