To save yourself some space, string together your cookie cutters and other such items with a length of ribbon or string and hang them from a hook inside your kitchen cabinets.
I'm not sure what they're called (we call them strap fasteners). Those thin plastic strips that lock where you want them. I take those and put one on each of my utensils and cookie cutters; match the utensils together, i.e. cookie cutters, large spoons, etc. and use a strap fastener to hold them all together, and hang them.