In the 17th century, "Tulip mania" struck the Netherlands driving the price of tulip bulbs to extraordinary levels. Some believe as much as 10 times the anual wage of a skilled craftsman. On one account, 12 acres of land was offered for a single bulb. Fortunes were made overnight until Febuary of 1637 when the bubble popped causing fortunes to be lost overnight. Tulip Mania is generally recognized as the first recorded speculative bubble and is still referenced at the onset of other speculative bubbles.