"To summarize this argument, then: in the thirty New Testament occurrences, where the Greek term agorazo is used (this is the greek word for the word "bought" in the verse), only five texts are clearly and indisputably redemptive (
2 Peter 2:1 being the lone exception). Furthermore, in these five instances, there are seemingly three undeniable contingencies or features that strengthen the redemptive contexts. Namely, a) the purchase price or its equivalent is stated in the text (i.e., the blood, the Lamb; cf., 1 Cor. 6:20; 7:23; and Rev. 5:9), or the purchase price is implicit in the immediate context (Rev. 14:3, 4); b) redemptive markers or language is used, and b) in every case the context is restrictive to believers (cf. 1 Cor. 6:20; 7:23; 5:9; and 14:3, 4). None of these features or contingencies are to be found in
2 Peter 2:1.
It has been demonstrated that the term “Master” (despotes) refers to an owner in a master- slave relationship. The meaning here is not of Christ as Savior or Mediator (despotes is never used as a redemptive title), but to Christ (or the Father) as Sovereign. It has also been demonstrated that the term “bought” (agorazo) in the New Testament is most frequently used in non-redemptive contexts. When used redemptively there are specific pointers that are conspicuously absent in
2 Peter 2:1 (such as the purchase price, believers as the lone object, or the presence of other mediatorial or redemptive features). Since this is so, it of necessity eliminates the assumed non-Reformed interpretation, at the very least, as the only viable interpretation of
2 Peter 2:1
In Conclusion
We are left then with two possible understandings to the text:
1. The term is being used redemptively. Hence these were men who were bought by Christ (purchased, redeemed) but lost their salvation when they became apostate.
2. The term is being used non-redemptively; hence Peter is not addressing the extent of the atonement, but is providing an OT example (similar to Deut. 32:5-6) of a sovereign master (despot) who had purchased slaves and on that basis commanded their allegiance. "
