Before we preach on the spiritual application in this verse, let’s examine its doctrinal interpretation.  The treasure is Israel [Ex 19:5].  The field is the world [Matt 13:38].  The man is the Lord [Ezek 16:3-8].  The Lord hides after he finds the treasure [Deut 31:17; Ps 10:1].  Jesus sold all [Phil 2:6-8, 2 Cor 8:9].  He bought the field [Jn 3:16; Rev 11:15].  And he did all this for joy [Heb 12:2].

Spiritually speaking, those of us who are saved are also a treasure.  After all, when Jesus bought the field, he bought us, too [1 Cor 6:19-20].  We often don’t think of ourselves as the Lord’s treasure [2 Cor 4:5-7] because we have this treasure in earthen vessels.  Many of us think more of our junky past and failures than we do of how we are now a treasure to the Lord.  

You know that you’re a treasure:

Because of the price the Lord paid to buy you – He gave it all.  No one in this universe was willing to pay the price Jesus paid to buy us to himself.  You don’t pay that kind of price for junk.  You pay that price for treasure. 

Because of the joy the Lord receives from us – It is impossible for us to comprehend the joy that is in heaven in the presence of the angels over one sinner that repenteth [Lk 15:7, 10].  You cannot intermeddle with the Lord’s joy [Prov 14:10].  We must be a treasure for the Lord to receive that much joy from us.

Because of your worth to him now – a treasure is defined as something of worth or value.  We weren’t worth anything before the Lord saved us.  But he cleaned us up like he cleaned up Jerusalem [Ezek 16:3-8] and made us the bride of Christ.  According to Col 1:21-23, we were alienated from God and enemies before he saved us.  And now, if we will continue in the faith grounded and settled, he will present us to himself “holy, unblameable, and unreproveable in his sight.”  He sees us now in a vastly improved condition over what we were when he found us.  We’re a treasure now.

Conclusion: sometimes we are so hard on ourselves because of our past.  We need to remember that the past is in the past.  Our current condition with Christ is that of a treasure.  You should just let that soak in for awhile.  Understanding this truth will improve your relationship with the Lord.