Bring the cream to a boil in a small saucepan over medium-high heat. Immediately pour hot cream over the chocolate in a medium bowl; stir until smooth. Stir in the Champagne and Cognac. Refrigerate until chocolate mixture is firm enough to roll into balls, about 1 hour.
Using a small melon baller or ice-cream scoop, form 1-inch balls. Roll each ball in coarse sanding sugar, and transfer to rimmed baking sheets lined with parchment paper. Cover with plastic wrap, and refrigerate truffles at least 30 minutes or up to 3 days before serving.
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