Why is Christ described as the pearl of great price?

The parable of the pearl of great price found in Matthew 13:45-46 illustrates Christ's unmatched worth and significance to believers. Just as a merchant sacrifices everything to obtain this precious pearl, true believers understand that having Christ surpasses all earthly possessions and achievements. His righteousness is the only thing that can satisfy God's justice, and once this truth is revealed to sinners, they realize the futility of their own attempts at self-righteousness. As Paul expresses in Philippians 3:7-9, he counted all his former achievements as loss for the sake of gaining Christ, illustrating how Christ as the Pearl of Great Price is worth infinitely more than anything else.