Grandfather Harry Lucy was killed when his car was hit by two Porsches thought to have been racing along a country lane.
The tragedy happened as the 82-year-old artist, from Wootton, near Abingdon, was on his way to celebrate his granddaughter's 21st birthday.
The smash also left his wife, 54-year-old Claudie, seriously hurt with leg and chest injuries.
Police arrested the Porsche drivers, both from Stirling in Scotland, on suspicion of causing death by dangerous driving. Both have now been bailed.
Neighbours of the couple, who lived in Home Close, were stunned by the tragedy.
Lionel Empson said: "They were wonderful people. You couldn't ask for better neighbours.
"We've known them for a long time. It's awful.
The accident happened at about 6pm on Saturday as the couple travelled in their Volkswagen Golf to see granddaughter Emma Chester in Newbury.
They were travelling south on the B4494 Wantage to Newbury road. The two Porsche 911 cars were coming in the opposite direction, having attended a Porsche rally at Highclere Castle in Berkshire.
The couple's burgundy car was thrown on to its roof and one of the Porsches also overturned.
The couple's son Kelvin, of Norman Avenue, Abingdon, told the OxfordMail: "They were looking foward to it so much. But they did not get there. We're all shocked."
Kelvin said his stepmother Claudie was at the Royal Berkshire Hospital in Reading. "She has a broken leg, severe whiplash and lots of bruising and is under sedation. But her condition is comfortable."
The two drivers, aged 35 and 36, were among nearly 2,000 owners attending the 50th anniversary of the Porsche Club of Great Britain.
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