Was, I always name magical items (except for potions, scrolls, and charms...and even then sometimes I do). Magic items are very rare in my games, and tend to be quite powerful, with histories and names that are appropriate. Most names are relatively short, while the histories can be quite long. Usually the names involve so-and-so's BLANK, or the BLANK of such-and-such, though sometimes I use made-up words like the Amberigne which are based on real-words or have a certain cultural sound to them.