Artwork in the estate of a Melbourne business blue-blood who shrugged off a fraud scandal in the 1990s will go under the hammer in Melbourne on October 29.

Sir Andrew Grimwade CBE was an Oxford-educated chemical engineer, a committed philanthropist and arts benefactor, a cattle breeder, and one-time director of companies such as IBM and the National Australia Bank. He was a former chairman of Australian Consolidated Industries, which was founded by his illustrious family, and was part of the first official trade delegation to China in 1973.