Tulips were introduced to Europe in the 1600's, with the rare bulbs quckly becoming status symbols. As interest in tulips grew, markets were created in local taverns by florists or professional tulip traders which enabled speculation in tulips by the general public.
Prices for tulip bulbs rose steadily throughout the 1630's as more and more people were drawn in with promises of quick riches. Tulip mania peaked in 1636-37 with entire farms being exchanged for one single bulb. Prices had risen exponentially in the space of a few short years.
Soon after the 1636-37 peak, the tulip market crashed as buyers were no longer willing to pay the ever-increasing prices. Bulb prices returned to their pre-1630's levels, which were a fraction of the market peak, eventually a single tulip bulb had the same value as one onion.
Semper Augustus: the most expensive tulip sold during tulip mania.
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