Indeed, and the principle is used as a form of magnetic baking in vehicles (called Eddy Current braking) [en.wikipedia.org].

The experiment is usually demonstrated to prospective students on university open days, as it is one of those visually accessible things that captures both an individuals attention as well as the the essence of "hidden" physics involved.

Jonny

The path to good scholarship is paved with imagined patterns. - David M Raup