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1
Combine vinegar, wine, shallots, tarragon leaves, bay leaf, and peppercorns in heavy saucepan; reduce over medium-high heat until 15 ml liquid remains (syrupy reduction); strain through fine sieve, pressing on solids; cool to room temperature.
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2
Whisk egg yolks with cooled reduction in heatproof bowl set over simmering water (bowl must not touch water); whisk constantly 3 minutes until pale and ribbon-like.
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3
Remove bowl from heat; whisk continuously while slowly drizzling in warm clarified butter in thin stream.
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4
Continue whisking and adding butter until sauce is thick, glossy, and pale; fold in fresh tarragon.
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5
Season with lemon juice, salt, and cayenne; taste and adjust vinegar tang and seasoning as needed.
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6
Pass through fine-mesh chinois if desired; keep warm at 48–52°C in water bath.
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7
If sauce breaks, whisk 5 ml cold water or cream in clean bowl and slowly whisk in broken sauce to re-emulsify.