In a medium saucepan, combine the wine, shallots, and thyme. Bring to a boil and cook until pan is almost dry, 10 to 20 minutes. Add cream, and simmer until reduced to 3/4 cup, 10 to 15 minutes more. Strain through a fine mesh sieve into a clean saucepan.
Using a hand mixer or a whisk, add butter, one piece at a time. Be careful not to allow the sauce to boil or it will separate. Season with salt and pepper.