Though it is hard to fathom, most commentators have incorrectly interpreted the Parable of the Pearl of Great Price. As Martin Collins explains, the parable illustrates how far Jesus Christ has gone to redeem His church.
Richard Ritenbaugh presents an encouraging conclusion to his series on Matthew 13 by describing Christ's work on behalf of the church (Hidden Treasure, Pearl of Great Price, Dragnet) and the work of the ministry (Householder). The church constitutes His treasure, hidden in the world, purchased and redeemed with Christ's blood. The Pearl of Great Price depicts a rich merchant (Christ), the only one who had the means to redeem His church. The Dragnet symbolizes the scope of God's calling while the separation process indicates God's high standards of selection, indicating a time of righteous and impartial judgment. The Householder parable shows the responsibility of the ministry to be authoritative interpreters of scripture, using what they have learned and experienced to instruct the people.
What is a parable? How are we to understand them? John Ritenbaugh uses the Parable of the Pearl of Great Price to explain how they apply to the church.