One of the significant challenges in tone mapping is to preserve the perceptual quality of the tone-mapped images. Traditional tone mapping operators (TMOs) compress the luminance of high dynamic range (HDR) images with little to no consideration of image color information resulting into suboptimal colors. Existing color management algorithms require either manual parameter tuning or introducing lightness and hue shifts. The current study aimed to develop a color correction model in plausible agreement with the psychophysical phenomenon of color appearance perception for optimal color reproduction of tone mapped images. The proposed model leverages CIECAM16 perceptual correlates i.e., lightness, chroma, and hue. It is adaptive and entirely automatic while preserving the lightness of the tone-mapped image and maintaining the hue from the HDR image. Moreover, it does not require any gamut mapping correction algorithm in natural color reproduction. The effectiveness of the model was validated using objective and subjective methods. The experiments revealed that the model achieved optimal color reproduction in terms of the naturalness of the colors.