“pearl.” Pearls were very expensive in the ancient world, and very highly valued. [For more on pearls, see commentaries on Revelation 18:12 and Matthew 13:45].
“great value.” The Greek word is polutimos (#4186 πολύτιμος), and it means to be of great value, or very expensive. To say the pearl was of “great price” is not as accurate a translation today because many things are priced way above, and sometimes way below, their actual value. This pearl was of great value, but the only way we know the price was high was that the man had to sell all he owned to buy it.