I casted kalakoth's minor blight during a fight, and it ate both my existing weapon sets. Even though combat is over, I have the wand that gets summoned as part of the spell, and I can even move it to inventory -- it didn't disappear. So it appears the spell never finished properly.
http://steamcommunity.com/sharedfiles/filedetails/?id=420421174
http://steamcommunity.com/sharedfiles/filedetails/?id=420418288
I think it was caused by the transition that occurs right after winning a fight to defend your stronghold, it began while the spell was still active. My other wizard also casted the spell, but his duration fell off during the fight, and he did not suffer any problem.