Meanwhile, in a medium saucepan over medium-high heat, combine the wine, cream, and shallots and bring to a boil. Cook, stirring occasionally, until reduced to 2/3 cup, about 10 minutes (adjust the heat to avoid boiling over). Remove from heat and whisk in the butter, 2 or 3 pieces at a time, waiting until pieces are melted before adding more. Add salt and pepper to taste. Cover to keep warm and set aside.