In a 2-qt. saucepan, combine wine, thyme, shallots, and bay leaf. Cook over medium heat until the liquid is reduced by half. Discard the thyme and bay leaf; strain the mixture over a bowl to remove any little remaining bits of the herbs. Wipe out the saucepan, and return mixture to saucepan. Place back on the stove and stir in demi-glace or beef broth. Simmer for a few minutes, and season to taste with salt and pepper.