Dynamic rheological measurements are used to probe the structure of a model magnetic paint which contains iron oxide magnetic pigment particles, a PVC wetting resin and an organic solvent. As the wetting resin concentration, c, in creases, the viscoelastic moduli, G＇ and G", go through a minimum at c = c(0) which corresponds to the saturated adsorption of the resin. At c < c(0) the paint is highly elastic, thixotropic and brittle (G＇ sharply drops, G" goes through a strong maximum at high strain), which indicates the existence of a strong flocculated network. At c > c(0) the moduli increase due to accumulation of free resin. However, at high c the paint becomes less elastic, less brittle and less thixotropic, which indicates that the structure formation in this case is dominated by small aggregates rather than a network.