This an exercise for you? Why not just have 1 label and rename the caption each time based on previous name? How are you tracking the label number it is on? How would the labels reset?
Assuming they're named Caption_Labelx where X is 1 thru 10 and it's unknown which level is currently blank then the code should be something like this:
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Dim iCount As Integer, oSheet As Worksheet
Set oSheet = ActiveWorkbook.ActiveSheet
Do While iCount < 10 And oSheet.OLEObjects("Caption_Label" & 10 - iCount).Object.Caption = "Label blank"
iCount = iCount + 1
Loop
If iCount < 10 _
Then oSheet.OLEObjects("Caption_Label" & 10 - iCount).Object.Caption = "Label blank" _
Else MsgBox "All Label captions set to 'Label blank'", , "Notification"
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