A magnetic object holder is a device for releasably attaching an object to a ferromagnetic surface. The device can include an insulated flexible sleeve defining an interior space in which the object is removably receivable. The sleeve grips the object in an interference fit when the object is received in the interior space. One or more magnets secured to a portion of the sleeve enables the sleeve to be releasably attached to the ferromagnetic surface while the object is received in the interior space.