We propose to use the visual denotations of linguistic expressions (i.e. the set of images they describe) to define novel denotational similarity metrics, which we show to be at least as beneficial as distributional similarities for two tasks that require semantic inference. To compute these denotational similarities, we construct a denotation graph, i.e. a subsumption hierarchy over constituents and their denotations, based on a large corpus of 30K images and 150K descriptive captions.