Perhaps if the environment was excessively damp or wet, but I have many knives and tools that have been in my basement (which can get quite damp during the summer) for 30 years and toys from when I was a kid that are at least 50 years old and are in fine shape. Heck, I have 18th and 19th century tools in my basement that are in still great shape, many of which I still use (and no, I am not that old ).

Pete