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Place the wine, 1 1/2 cups water and sugar in a wide bottomed saucepan and stir to dissolve the sugar slightly. Place the pan on the stove over medium heat and bring the mixture to a boil. Boil for 5 minutes and then reduce the heat, leaving the syrup to simmer gently.
Cut the peaches in half and remove pits gently. Drop half of the basil leaves into the syrup, and then gently place the peach halves cut side down into the syrup. Poach for about 3 minutes and then gently turn over using a slotted spoon. Continue poaching for an additional 3 - 4 minutes, until soft (cooking time will depend on ripeness of peaches).
Carefully prick the cut side of the peaches to check for tenderness. The peels should be wrinkling up as well. You may cook the peaches in two batches if all the halves will not fit in the pan at once.
Remove the peaches to a plate with a slotted spoon. When they are cool enough to handle, gently slide the skins off and discard. Add all but about six basil leaves to the syrup and bring to a boil; boil until reduced by about half. Pour any juices that have collected on the plate with the peaches into the syrup. Leave to cool to room temperature.
The peaches can be covered with plastic wrap and kept at room temperature for several hours. When ready to serve, place two peach halves on a plate and drizzle with a little basil syrup. Reserve the remaining syrup for another use. Garnish with basil leaves and serve.