Alfred Portale, chef and part-owner of the Gotham Bar and Grill in New York City, created this sauce to accompany his Diver Scallops with Vegetable Ragout and Osetra Caviar.
Combine scallop scraps, water, and white wine in a small nonreactive saucepan. Set the pan over medium-high heat, and bring to a boil. Cook until the liquid has reduced by half, about 7 minutes.
Add cream; boil until liquid has reduced by half, about 10 minutes. Remove pan from heat, and whisk in the butter, piece by piece. Season with salt and pepper. Serve warm.
The sauce can be made up to one hour ahead and kept warm.