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1
Put the steaks in a large, shallow glass or ceramic baking dish in a single layer.
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2
Pour in 2 cups of the Banyuls, add the thyme sprigs and turn the steaks to coat.
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3
Cover the baking dish and refrigerate for 3 hours.
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4
Bring a medium saucepan of water to a boil.
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5
Add the pearl onions and cook for 2 minutes to loosen the skins.
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6
Drain the onions and peel them.
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7
Melt 2 tablespoons of the butter in a large skillet.
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8
Add the pearl onions, water and sugar, cover and cook over low heat until the onions are tender and most of the water has evaporated, about 30 minutes.
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9
Uncover the skillet and season the onions with salt and pepper.
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10
Add the remaining 2 tablespoons of Banyuls and cook over moderate heat, shaking the pan, until the onions are caramelized and coated with a syrupy sauce, about 3 minutes.
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11
Remove from the heat.
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12
Light a grill or preheat a grill pan.
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13
Pour the marinade, along with the thyme sprigs, into a small saucepan and boil over moderate heat until reduced to 1/2 cup, about 10 minutes.
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14
Discard the thyme sprigs.
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15
Remove the saucepan from the heat and whisk in the remaining 4 tablespoons of butter, 1 tablespoon at a time, until the sauce is thick and smooth.
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16
Whisk in the olive oil and season with salt and pepper.
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17
Season the steaks with salt and pepper.
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18
Grill the steaks over a moderately hot fire or moderately high heat until deeply charred and rare in the center, about 4 minutes per side.
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19
Put the steaks on a large warmed platter.
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20
Reheat the pearl onions.
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21
Rewarm the wine sauce over low heat, whisking constantly.
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22
Pour the sauce into a warmed gravy boat.
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23
Arrange the steaks and pearl onions on dinner plates and serve.
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24
Pass the sauce at the table.
