In a small saucepan, combine the wine, shallot, bay leaf, vinegar, and chives and cook on low heat until the wine has almost evaporated. Stir in the cream and cook on medium heat, whisking occasionally, until the cream is reduced by half. Strain to remove the shallot, bay leaf, and chives.

On low heat, gradually whisk in the butter until the sauce has thickened. (Do not allow to boil.) Add the salt and black pepper. Keep warm.