Combine wine and next 3 ingredients in a medium saucepan. Bring mixture to a boil over medium-high heat; cook 3 minutes or until mixture has reduced by half. Add cream, and cook 2 minutes or until mixture has reduced by half. Remove from heat.
Pour mixture through a fine mesh strainer into the top of a double boiler over simmering water. Slowly whisk in butter, a few pieces at a time, until butter is melted and mixture is smooth. Season to taste with salt and pepper. Keep warm over simmering water.