I know that a fascination 'holds' the individual, but how does one phrase the act of being fascinated? i.e.; does one 'hold' or does one 'have' a fascination?
Would it be more appropriate to say that he or she is 'held' by a fascination?
I (native U.S. speaker) would use is fascinated with or is fascinated by.
As a child, I was fascinated with with any kind of button I could press. While these days I am fascinated by touch-screen technology, I miss the satisfying click of a button.
If forced to use have or held I could use either depending on which is the subject and which is the object:
Vampire romances hold no fascination for me. I have no fascination with the undead.
Yes, held is more appropriate.
He is held by a fascination of sailing in the sea.