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Economic background
The economic and financial systems of the Dutch Republic underwent substantial changes during the beginnings of the 17th century, while the country rose to prominence due to its control of the international trade. The Netherlands was a world class shipbuilding nation and its trade fleet was Europe's largest at the time.

At the start of the 17th century insurance companies, banks, a stock exchange and an organised financial market were all established in the Netherlands. It was the home of the world's first publicly traded company: the Dutch East India Company (VOC), and its less financially successful counterpart the Dutch West India Company. During the period the Dutch East India Company's share of the trade with Southeast Asia approached monopoly. Trade missions to Asia could generate returns of four times the initial investment. As riches from the lucrative trade accumulated the demand for various luxuries rose. The strong economy is seen as an important prerequisite for the development of tulipmania. The role of the tulip as a status symbol coincided with the amassment of riches from the flourishing trade. The mania occured during the late stages of the Eighty Years' War, where increased Dutch independence meant that these earnings no longer had to be shared with Spain.

The wealth of the Dutch Republic reached a point where larger cities would finance public orphanages and retirement homes, which was unique for early 17th century Europe. A slight recession occured during the 1620's when resumed hostilities led to a Spanish blockade. In the early 1630's the economy entered an expansion and the money supply increased, which opened up new opportunities for investments and consumption of luxury goods. In addition to soaring trade and the occasional capture of Spanish ships, the Dutch banking system's staunch opposition to devaluation led to an influx of foreign capitel.

There was a growing concern over the volatility of the emerging futures contracts market. The first law against speculating in futures contracts was passed in 1610 and further limitations and bans were enacted in 1621, 1630 and finally in 1636, at the eve of tulip mania. Tulip traders were not subject to criminal procedure or punishment, but it was not clear whether the futures contracts increasingly used by the tulip business from 1635 and onwards could be legally enforced.

The Tulip arrives to Europe and the Netherlands
Hardy wild tulips with tiny crimson petals are native to the mountain ranges of Pamir and Tianshan in Asia. Their bulbs were brought westward by Turkic nomads and would eventually reach Europe via the Ottoman Empire, where the tulip was revered not only for its beauty, but for its connection to Allah and paradise. According to a disputed account the first tulips to reach Europe were given to Ogier Ghislain de Busbecq, ambassador of Ferdinand I to the Ottoman Sultan, and carried back to Vienna in 1555. In the following years the tulip would reach Europe by several trade routes.

The century was aÅrhundradet var var ett genombrott sett till antalet introducerade växter. Man har uppskattat att antalet växter som nyintroducerades i Europa under 1500-talet var tjugo gånger fler än under de föregående tvåtusen åren. Utöver tulpanen nådde potatis, paprika, tomater och många andra grönsaker för första gången världsdelen. De intensiva och mättade färgerna hos tulpanens kronblad, samt de intrikata mönstren särskilde den från andra i Europa kända blommor och bidrog till dess attraktionskraft.

Det är okänt exakt när tulpanen kom till Nederländerna, men på 1580-talet var arten etablerad i landet. Tulpanen trivdes väl i den magra holländska sandjorden och var dessutom en förhållandevis tålig växt. Dess popularitet i Republiken Förenade Nederländerna tilltog efter att den sydnederländske botanikern Carolus Clusius hade tillträtt en tjänst vid universitetet i Leiden 1593 och etablerat landets första botaniska trädgård Hortus Botanicus Leiden 1594. År 1608 hade trädgårdens bestånd av tulpaner vuxit till mer än sexhundra lökar. Redan under Clusius tid i Leiden märktes det tilltagande intresset för tulpanlökar i form av många intresserade spekulanter och köpare, liksom ett flertal stöldräder. Under 1600-talets första decennier etablerade allt fler professionella trädgårdsmästare odlingar och plantskolor runt om i landet. Samtidigt ökade intresset för att skapa egna trädgårdar bland välbeställda borgare i landets städer.

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Futures trading in tulips was called "wind trade" (windhandel), since no actual bulbs changed hands as the deals were struck. Most trades were therefore completed with no opportunity to appreciate the flowering beauty of the goods. The merchant and tulip trader Emmanuel Sweert, with connections to Holy Roman Emperor Rudolf II, convinced the emperor to sponsor the first tulip catalog ever released; Florilegium was published in 1612. A collection of engravings, Hortus Floridus (1614), attracted enough demand to necessitate a second edition with 20 additional images, published three years later. In subsequent years several catalogs with tulip portraits in water color or gouache were released. More than 50 of them have been preserved. Reprodutions of tulips became a prevailing motif of the painted tiles decorating Dutch homes. The riches that had been accumulated in the Netherlands were also used to sponsor production of framed tulip paintings. The price of a painting by a great master could be considerably lower compared to the price of a single bulb of a rare variety.

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With the increase in popularity the value of high demand variants rose steadily until 1634. By 1633 access to tulips had improved and ordinary varieties were offered by travelling merchants, which allowed more people entry to the lucrative tulip trade. There was even an increased interest in tulips as a luxury in France from 1634, which lead to a corresponding increase in demand. The speculation subsequently accelerated and with it the price for tulips. During the last year before the price collapse there was an increased demand even for ordinary tulips sold by the pound for which the prices had historically remained relatively stable.

The height of tulip mania occurred during the winter of 1636–1637 by vindhandel while the sought after bulbs were resting securely below ground. The sharpest rise happened between December 1636 and February 1637. Around new year selected bulbs increased in value more than tenfold over a few months, but for most the rise seems to have been more modest. At an auction held 5 February 1637 a Viceroij is reported to have sold for 4 203 gulden and an Admirael van Enchuysen for 5 200 gulden. The buyer is supposed to have spent a total of 21 000 gulden, enough money to purchase two houses in central Amsterdam. The total sum of the auction amounted to 90 000 gulden, but the accuracy of the reports have been questioned. On the other hand, there are reports of even more fantastic prices, where single bulbs sold for around 10 000 gulden.