Pour wine into nonreactive saucepan and bring to a boil.
Reduce over medium-high heat for about 20 minutes until about 1/2 cup remains.
Heat 2 tablespoons butter in small heavy saucepan and sauté shallots and peppercorns over medium heat for 2 minutes.
Add brandy, carefully ignite, and let flame for 3 to 4 minutes, until alcohol is burned off.
Continue cooking 2 to 3 minutes, until pan is almost dry; add cream, increase heat to medium-high, and cook 3 minutes.
Stir in reduced wine and cook over medium heat for 10 more minutes.
Stir in remaining 1 tablespoon of butter, season with salt, and simmer about 10minutes, until 1 cup remains.