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.