Time until critical temperature is reached is extremely variable. It can depend on if the forge is fully up to temperature, how high the gas is turned up, where the blade is in the forge, etc. Using curie point (non-magnetic) as an indicator is really close maybe for 1084 steel, but O1 needs to reach temperatures of 1450-1500 degrees which is above curie. Also, while overshooting temperature just a bit momentarily won't likely cause any significant trouble, grain growth happens rapidly once it starts, and it only starts when you overheat the steel. Holding at accurate temperatures for the steel will not cause grain growth, so you've likely overheated a good bit. FWIW, when heat treating O1 in my home built kiln, I have checked the blades and found them to be nonmagnetic in 5 minutes or less as long as the kiln was fully soaked at austenitizing (critical) temperature (1475F), so 12 minutes will put you way above that mark (thus overheated, thus grain growth) when using an unregulated forge that can be heated upwards of 2300+F.
For steels like O1, you really need a means to tell temperature. O1 benefits from a soak of 12-20 minutes AFTER austenitizing temperature has been reached and held. Relying on magnets isn't accurate as was stated above. Relying on color is a tough thing to learn, and while experienced smiths may have the knack, everything needs to be consistent (lighting, location, etc) for it to be anywhere near helpful. Purchase a kiln or furnace K-type thermocouple and a PID from ebay (they can be had fairly cheap). Consider using a stainless steel tube in the forge for a baffle with your blade inside the tube to equalize the temperatures and get more accurate temps for heat treating. If using a baffle, place the TC in the baffle with the blade to get a reading of temperature. The TC needs to be rated for 2300+ degrees.
Once you have a means of measuring temperature, you'll be able to get the most out of your steels and also be able to branch out in the future. It's all part of the process. I started out heat treating O1 blades in a one brick forge with no means of temperature reading/control except for magnets and my eye just like you. I never sold any of those blades, but they did help me figure things out. Once I was able to, I built my own oven and haven't looked back since. Chalk this one up to experience and learn from it the best you can.
--nathan