The Wake is the final Story Arc of The Sandman (1989), covering issues 70 to 75.
After receiving news of Dream's death, Destiny, Death, Desire, Despair, and Delirium gather at the Necropolis Litharge to retrieve the materials for his funeral proceedings. The second iteration of Dream begins to fix up the Dreaming as several characters arrive to mourn Morpheus ("Chapter One, Which Occurs in the Wake of What Has Gone Before"). Dream II, however, cannot attend the funeral nor be acknowledged by the other Endless until it is finished. Matthew is hesitant to accept the new status quo but agrees to speak. Multiple attendees discuss their relationships with Morpheus ("Chapter Two, In Which A Wake is Held"). The wake begins. As the eulogies are given, Destruction arrives to greet Dream II. Finally, Death speaks last, and sends Morpheus's body off. Dream II bestows his "mother" Lyta protection, and Matthew agrees to work for him ("Chapter Three, In Which We Wake").
Hob and his latest girlfriend, Guenevere, attend a Renaissance fair. Hob is slightly uncomfortable with the reminders of his immortality and goes off to sit in an abandoned building. Death visits him and offers to take him, but he refuses. Later in the afternoon, he dreams of Morpheus and Destruction ("An Epilogue, Sunday Mourning").
The collection also includes two short stories set earlier in the timeline, "Exiles" and "The Tempest":
- In "Exiles", Master Li, an old man exiled from the Qing court after the White Lotus Rebellion, finds himself separated from the man guiding him across the desert with only a small kitten, Walks The Night Alone, for company. Li seems to see his son before meeting Morpheus, who asks how it feels to lose a son. Later, Li meets Dream II, who is impressed by Li and offers him a position in the Dreaming. When Li refuses, Dream II reunites him with his guide, and the old man continues on his journey.
- In "The Tempest", William Shakespeare works on the titular play, which will conclude his bargain with Morpheus, to the excitement of his daughter and the dismay of his wife. Upon the completion of the play Morpheus takes him to the Dreaming, where they discuss his life.
This story arc contains examples of:
- Breaking the Fourth Wall: The narration states that even the reader was at Morpheus's wake and funeral.
- The Dung Ages: The immortal Hob thinks the ren faire is too clean and claims that people of the time regularly waded through animal shit, were covered in pests, and had all sorts of skin diseases. He is however grossed out by the toilets.
- Golem: The Endless create a humanoid being out of mud to act as emissary at the Necropolis. Delirium names him Eblis O'Shaughnessy.
- Karma Houdini: Zigzagged. Daniel!Dream gives Lyta protection to keep others from trying to take revenge against her for causing Morpheus's death due to her not being sane at the time, however, she is unofficially exiled from the Dreaming and has to live with the fact that her actions were All for Nothing.
- Outliving One's Offspring: In "Exiles", Master Li goes into exile after his son is executed for rebelling against the emperor.
- Parents Know Their Children: Lyta realizes that what is left of her son Daniel is part of the current aspect of Dream at the start of their conversation.
- That Man Is Dead: The current aspect of Dream states that he has no right to the name "Morpheus" due to it being associated with his previous self.
- Ye Olde Butcherede Englishe: The ren faire's attempt at keeping its English period-accurate is quite unsuccessful. Hob, who actually lived through medieval times, is unimpressed.Shopkeeper: Hither, my lord. I hopest that thou enjoyestest it — the finest spinach pie in the land!
Hob: Er. Yeah, thanks. "Enjoyestest". Where do they find these people?
