The Wake serves as an epilogue to the main story of the series. The volume centers on a ceremonial gathering in the Dreaming. During this gathering, various figures reflect on the past, share memories, and consider what the future might hold for the realm of dreams and its inhabitants.
The shocking conclusion of the previous arc has altered forever the face of the Dreaming, bringing with it a time of reflection and a sad celebration. It's a wake in which friends and loved ones, relatives and rivals, fleeting lovers and immortal enemies gather to pay their respects and to mourn their loss.
Half vigil, half party, the ceremony begins -- and everyone is invited as the Endless trade secrets and everyone reflects and remembers the Lord of Dreams.
The funeral for Morpheus is underway as the Endless meet the new Dream, Daniel, for the first time.
Dream's old friend Hob Gadling encounters Death at an American Renaissance Festival and learns the final fate of Lord Morpheus.