Dictionary of Biblical Words:
This is an effect of the work of Christ. It is seen in type in Ex. 13:2, when the firstborn were not only delivered from being Pharaoh’s slaves, but became God’s property being purchased by blood. So the Christian, by the same death that frees him from Satan’s power and claims, from sin, judgment, and hell, also becomes the absolute property of Christ, and that by purchase (1 Cor. 6:20), so that even his body is not his own, but the Lord’s. This is a side of the work of Christ, of which we know little, the practical power of it is seen in Rom. 12:1, when as a consequence, the willing yielding of my body to God follows as a reasonable service.
From Anstey’s Doctrinal Definitions:
This is the broadest aspect of Christ's work on the cross whereby He acquired the title and rights to everything in the creation. As a result, He has a two-fold circle of belongings. Bought (purchase) encompasses:
• All persons—This includes both the saved (1 Cor. 6:20; 7:23; Rev. 5:9; 14:3 – W. Kelly Trans. “bought”) and those not saved (2 Peter 2:1-2).
• All created things—This is the “purchased possession” (Eph. 1:14).
Hebrews 2:9 refers to the payment that Christ made in this great purchase—He "tasted death for every thing." “Every thing” is very broad, including both persons and things. His purchase is mentioned in a parable in Matthew 13:44. The "man" (Christ – vs. 37) bought the "field" (the world – vs. 38) which included the “treasure” (believers). Thus, we see His purchase involved things and persons. In the Lord’s prayer, viewing the work of redemption as being already accomplished, He mentioned that He had been given the title and rights over “all flesh” (John 17:2). The Apostle Paul mentioned that created things also belong to the Lord through His purchase (Eph. 1:14 – “the purchased possession”). Thus, He is now Master of all.
A type from the book of Ruth illustrates the two-fold circle of Christ’s belongings. Naomi sold a parcel of land that belonged to her husband Elimelech who had passed away (Ruth 4:3). Since Boaz (a type of Christ) desired to have Ruth as his wife, he had to buy that portion of the inheritance which would give him all in it, including Ruth. Ruth 4:9-10 says, “Boaz said unto the elders, and unto all the people, Ye are witnesses this day, that I have bought all that was Elimelech’s, and all that was Chilion’s and Mahlon’s, of the hand of Naomi. Moreover Ruth the Moabitess, the wife of Mahlon, have I purchased to be my wife.” Boaz’s purchase of the parcel of land is typical of Christ’s purchase of all things, and his purchase of Ruth illustrates the treasure of persons that came with the purchase of the field.
However, all men being “bought” does not mean that all men are saved. Bought is not synonymous with salvation. It simply means that all men and all things belong to Christ on the grounds of what He accomplished on the cross. He is their Master, whether men own His purchase by faith and acknowledge His right over them or not. In 2 Peter 2:1, the Apostle shows that bought does not mean saved. It says, “There were false prophets also among the people, as there shall be also among you false teachers, who shall bring in by the bye destructive heresies, and deny the Master that bought them, bringing upon themselves swift destruction.” These people were “bought,” yet they were headed for a lost eternity! This is not because they lost their salvation––because that cannot happen (John 10:27-28, etc.)––but because they had not owned Christ's purchase. (See also Jude 4.)
Many confuse “bought” (purchase) with “redeemed.” However, Ephesians 1:14 shows that they are not synonymous. It speaks of something that has been “purchased” (bought), and is waiting for its “redemption.” Clearly this couldn’t be referring to Christians because we have already been redeemed (Eph. 1:7). The purchased possession in this verse is the inheritance, which is every created thing (Eph. 1:11). Christ has paid the price for it, but it is presently still under the effects of sin and corruption. At His Appearing, He will set it free (the meaning of redemption) for the purpose which God intended it for—to be the stage upon which He will display Christ’s glory in the kingdom. (See Redemption)