In this paper we propose a cognitive model for analyzing pictorial metaphors in advertisements. We start with a critica examination of Forceville's theory of pictorial metaphor in advertising, which is based on Max Black's interaction theory. We found Forceville's analysis intriguing but unsatisfying. We argue that the many-space model proposed by Fauconnier and Turner is more suitable for analyzing pictorial metaphors. We apply the model to an analysis of a series of pictorial metaphors in advertisements, elaborate the model, and examine its consequences. Our analysis inherits all the virtues embedded in Forceville's analysis and brings out a new metaphoric dimension that is absent from Forceville's analysis.