Here a clique is a (not neccessarily maximal) set of pairwise adjacent vertices in a graph.
See [RW, NSTW] for early bounds on the number of cliques. Wood [W] proved that the number of cliques in an -vertex -minor-free graph is at most Fomin et al. [FOT] improved this bound to
These results are based on the fact that every -vertex -minor-free graph has at most edges. This bound is tight for certain random graphs. So it is reasonable to expect that random graphs might also provide good lower bounds on the number of cliques.
Update 2014: Choongbum Lee and Sang-il Oum [LO] recently answered this question in the affirmative, and even proved it for excluded subdivisions. In particular, they proved that every -vertex graph with no -subdivision has at most cliques and also at most cliques.
The question now is to determine the minimum constant. Wood [W] proved a lower bound of using an appropriate sized complete graph minus a perfect matching. The same graph gives a lower bound of on the number of cliques in a graph with no subdivision.
Update (2019): Fox and Wei [FW] have proved that every graph on vertices with no -minor has at most cliques. This bound is tight for .
Bibliography
[FOT] Fedor V. Fomin, Sang il Oum, and Dimitrios M. Thilikos. Rank-width and tree-width of -minor-free graphs, European J. Combin. 31 (7), 1617–1628, 2010.
[NSTW] Serguei Norine, Paul Seymour, Robin Thomas, Paul Wollan. Proper minor-closed families are small. J. Combin. Theory Ser. B, 96(5):754--757, 2006.
[RW] Bruce Reed and David R. Wood. Fast separation in a graph with an excluded minor. In 2005 European Conf. on Combinatorics, Graph Theory and Applications (EuroComb '05), vol. AE of Discrete Math. Theor. Comput. Sci. Proceedings, pp. 45--50. 2005.
* [W] David R. Wood. On the maximum number of cliques in a graph. Graphs Combin., 23(3):337--352, 2007.
[LO] Choongbum Lee and Sang-il Oum. Number of cliques in graphs with forbidden minor, 2014.
[FW] Jacob Fox, Fan Wei. On the number of cliques in graphs with a forbidden minor
* indicates original appearance(s) of problem.