Combine ground chuck, breadcrumbs, onion, whipping cream, egg, and 1 teaspoon salt; mix well. Shape mixture into 3/4- inch balls. Melt butter in a heavy skillet over low heat. Add meatballs; cook over low heat, turning to brown evenly on all sides. Remove meatballs from skillet; drain.
Add flour to remaining butter in skillet; stir until smooth. Cook 1 minute, stirring constantly. Gradually add water and wine; cook over medium heat, stirring constantly, until thickened and bubbly. Stir in remaining salt and pepper. Add meatballs; simmer, uncovered, 30 minutes.