Beef shanks butcher's style

Okay, this is something I never would have decided to make on my own, but I'm trying one new recipe from each of my cookbooks, and this is the one that caught my eye -- because I thought Ernie would love it.
The original recipe called for oxtails, but I mistakenly bought grass-fed beef shanks instead, so that's what I used. The recipe has a lot of ingredients and steps, but they are well worth it. The meat was really tender and flavorful, and although I thought I wouldn't be much of a fan -- I loved it. I'd definitely make this if I was having company over for dinner, and serve it with polenta and some sort of roasted veggie. We had it with green beans and pasta with butter/parm cheese, and that was fine, too.

Adapted from Molto Italiano, by The Man Mario Batali

5 pounds grass-fed beef shanks
3 Tbsp. tomato paste
2 Tbsp. olive oil
4 ounces pancetta, cut into 1/2 inch cubes (you could substitute bacon here, but it wouldn't be quite as good)
1 large onion, finely diced
2 cloves garlic, finely diced
2 carrots, finely diced
1 c. dry white wine
5 ribs celery, stalks finely diced
salt and pepper to taste

Bring 6 quarts of water to a boil in a large pot. Add the shanks, reduce the heat to a simmer, and cook for 10 minutes. Drain the oxtails, reserving 2 cups of broth, and set aside. Dissolve the tomato paste into the reserved broth.
In a large dutch oven, heat 2 Tbsp. olive oil over high heat, until smoking. Add the pancetta and saute until golden brown. Add the shanks, a few at a time, and brown on all sides, then transfer to a plate.
Add the onion, garlic, carrots and saute until the vegetables are browned. Return the shanks to the pan, add the wine and bring to a boil. Reduce heat to a simmer and cook, uncovered, until the wine is reduced by half.
Pour the tomato paste-broth mixture over the meat. Cover and simmer for 2 hours. Add the celery, cover, and cook for 15 minutes. Remove from the heat and transfer the shanks to a pan to cool. Carefully remove the meat from the bones. Stir the meat into the sauce and bring to a boil, stirring occassionally.
Serve immediately.

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