Despite the exceptional performance of large language models (LLMs) on a wide range of tasks involving natural language processing and reasoning, there has been sharp disagreement as to whether their abilities extend to more creative human abilities. A core example is the interpretation of novel metaphors. Given the enormous and non-curated text corpora used to train LLMs, a serious obstacle to designing tests is the need to obtain novel yet high-quality metaphors that are unlikely to have been included in the training data. Here we assessed the ability of GPT-4, a state-of-the-art large language model, to provide natural-language interpretations of novel literary metaphors drawn from Serbian poetry and translated into English. Human judges—blind to the fact that an AI model was involved—rated metaphor interpretations generated by GPT-4 as superior to those provided by a group of college students. In interpreting reversed metaphors, GPT-4, as well as humans, exhibited signs of sensitivity to the Gricean cooperative principle. These results indicate that LLMs such as GPT-4 have acquired an emergent ability to interpret literary metaphors.