Every single one of mine is inside its own pouch or bag, which in turn are inside the Tunti, which is locked and kept inside a foot locker, which is itself underneath a piece of furniture that has to be moved several feet to allow the lid to open. The Tunti key is also hidden. In case the Tunti key is discovered, I have a CD storage system that takes the same type of key in plain sight, unlocked, which is full of unlabeled episodes of Nova on DVD. Anyone attempting to snoop will waste a lot of time being very, very bored.
It takes about ten minutes to extract and unlock the Tunti, which only happens with the bedroom door locked. Yeah, I'm paranoid.
I do, however, keep a Jimmy Jane Little Steel in a much more accessible hiding place, in the company of objects chosen to mislead any snoopers as to its nature, and the Tentacle is in plain sight, surrounded by a display of more innocent marine life themed toys. If any visitors recognize it, they probably assume I don't know what it really is.