Step 1

Place peppercorns on a cutting board. Using the bottom of a small saucepan, crack peppercorns. Tie the thyme in a bundle with kitchen twine. Place peppercorns, dried figs, shallots, red wine, red-wine vinegar, thyme bundle, salt, and sugar in a medium saucepan. Set over medium-high heat, and bring to a boil.

Step 2

Reduce the heat to medium low, and simmer until figs are soft and the liquid has thickened, about 45 minutes.

Step 3

Remove and discard the thyme bundle. Stir in fresh figs. Cook, stirring frequently, until figs break down, 10 to 15 minutes. Remove the pan from heat.

Step 4

Transfer to a large bowl set over an ice bath to chill; store in an airtight container, refrigerated, up to 4 weeks.