Magnetic knife racks - OK or bad for good knives?

I had always assumed that magnetic knife racks for fine cutlery were a no-no as they messed up the ability of the ability of the steel to hold an edge or made the steel more brittle (or something). This afternoon I was looking at storage systems on Wusthof’s (a premium knife maker) site and they have a magnetic kinfe holder!?

Are magnetic knife holding bars now considered OK for fine cutlery? Is the “magnets are bad” information just an old wives tale?

I just got a set of Wusthof’s (I love them) and they said in the manual that magnetic racks were OK for storage

magnets will not magically change the ability of the steel to hold an edge or make steel more brittle. The problem with storing knives in a typical magnetic holder is that the knives do not have their exclusive storage spot and so tend to hit against each other thus dulling or damaging the knives.

Also, most magnets that are laid bare are pretty hard and liable to damage blades if you wrap the blades against the magnets. In general, one can design around this.

Yes, I was once a Cutco salesman. It is an embarassment.

The magnetic field will not change the crystalline structure of the knives, or the solid solution that the metal is formed in. Thus, they will retain their hardness and all other properties. Although they become slightly magnetized…

A magnetized knife will draw the iron out of meat cuttings and thus doom you and your family to a life of anemia.
Just kidding.