Taste for art is often considered as an expression of ”identity”, a person's sense of self. Through these actions, behaviors, and choices, a person can gain or lose his identity, and therefore taste for arts have significant influences on economic outcomes. Inspired by the identity model developed by Akerlof and Kranton (2000) with a utility-maximization framework, this study empirically examines the relationship between subjective well-being and taste for arts. By employing the approach of instrumental variables in the estimations, it is found that individuals can gain identities through their tastes for arts, which are related to their assigned social categories. More collections of artworks lead to a higher level of subjective well-being reported by an individual. The phenomenon can be explained by the identity model in emphasizing the importance of symbolic consumption as an expression of identity.