1. In a small heavy saucepan boil water with sugar, without stirring, until a golden
caramel color. Remove pan from heat and carefully add red wine vinegar and
balsamic vinegar down side of pan (mixture will bubble and steam).
2. Stir mixture over moderate heat until caramel is dissolved, about 3 minutes. Remove
pan from heat.
3. In a heavy saucepan cook morels in butter, stirring, over moderate heat until liquid
from morels is evaporated, about 5 minutes. Transfer morels with a slotted spoon to a
bowl and reserve.
4. Add shallots to pan and saute, stirring, until golden.
5. Stir in red cooking wine and boil until reduced, about 15 minutes.
6. Add stock and reserved morel soaking liquid and reduce, about 15 minutes.
7. Remove pan from heat and stir in caramel mixture. Add morels to sauce and season
with sea salt and pepper to taste. If desired stir in additional balsamic vinegar, 1
teaspoon at a time, and lemon juice until desired flavor is achieved.