Martin Ball, 88, indicated not guilty pleas at Croydon Magistrates Court, which declined jurisdiction and bailed him to appear at Inner London Crown Court on October 28.
He is charged with two counts of indecently assaulting the boys, both aged under sixteen years-old, at the school between January 1, 1990 and January 1, 1995.
Ball, of The Drive, Beckenham, is alleged to have touched both boys over their clothing during lessons a the £48,000-a year school.
Prosecutor Dwaine Coward told the court: “The victims were students at Dulwich College, during which time they took piano lessons.
“The defendant was a piano teacher and the defendant would touch the victims’ bottom or groin while teaching.
“If convicted, the defendant would have abused his position of trust, which increases culpability.
“The sentence, if convicted, is likely to be well in excess of the Magistrates Court range.
“This conduct was carried on for some substantial time. The frequency of occasions extending over a period of time would be an aggravating factor.”
The court heard Ball is facing imprisonment on conviction of between twelve months and four years.
Notable former Dulwich College pupils include actor Chiwetel Ejiofor; authors P.G. Wodehouse and Raymond Chandler; Roxy Music guitarist Phil Manzanera; politician Nigel Farage; former Governor of the Bank of England Eddie George and explorer Sir Ernest Shackleton.
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