In a large skillet over medium heat, combine champagne, water, lemon juice and shallot. Bring to a boil and then simmer for 5 minutes. With a spatula, carefully place salmon fillets into skillet. If necessary, add enough additional champagne so that liquid just rises to the top edge of the fish, but does not cover it. Cover with a lid or foil and simmer for 10 minutes or until fish is firm, but not overcooked.

Carefully pour 1/2 cup of liquid from skillet into a saucepan and add cream. Bring to a boil and reduce liquid to about 1/3 cup. Whisk in chilled butter until melted. To serve, place salmon on vegetables, rice or pasta and spoon sauce around fish. Go put on your smoking jacket, put on some jazz and turn the lights down low.