In a small sauce pan, over medium high heat, add the butter and when foamy, add the shallots and cook for 5-6 minutes. Add the chardonnay and the salt and pepper and bring to a boil. Allow to simmer for 10 minutes. Add the cream and combine well. Simmer, stirring occasionally, for 10 – 15 minutes, mixture will thicken slightly. Hold warm until service. Adjust seasonings as needed.