For a wish list, you can set the expiration (due date) for the list. This is intended to be the planned date for the event, e.g. a persons birthday or date of a party someone is arranging. Only the list creator can set the expiration / due date.
Once the expiration date has been reached, the list creator (admin) will be prompted if items on the list should be deleted, marked as bought, or a new due date should set.
Note: If you reuse the wish list for a new event that is within 6 months of the old event, you will se items marked as purchased on the list. If you arrange frequent events, you need to create a list per event to avoid this. The reason why this happens is because the list keeps showing bought items going 6 months back in order not to reveal what has been bought or not.