1. Remove the tough muscle on the side of each of the scallops or have your fishmonger do it. Pat the scallops dry with paper towels. Season the scallops with salt and pepper. Peel the 1 large shallot and chop enough of it to measure 2 tablespoons.
2. In a 12-inch nonstick sauté pan, heat the 2 tablespoons olive oil over high heat until hot. Add the scallops in a single layer and cook 4 minutes, turning occasionally, or until opaque. Transfer the scallops to a plate.
3. Add the shallots to the pan and sauté, stirring, 1 minute. Add the 1/4 cup white wine and 1/4 cup clam juice or fish stock and reduce the mixture by half, about 5 minutes. Add the 1 cup heavy cream and reduce the mixture for about 5 minutes, until it coats the back of a spoon. Remove the pan from the heat.