Jareth dances with his queen to be, certain that she is the right woman to share his crown with.
Sarah wants to rekindle her relationship with Jareth now that's she's all grown up.
The owl became a part of her life, and Sarah is finally ready to accept it.
What if Jareth won? A dreary what-if scenario in which Jareth gained all he wanted and the world continued without Sarah or Toby in it.