Preheat the oven to 350 degrees.

In the bowl of a KitchenAid stand mixer combine the cake mix, eggs, water, oil, pink champagne, and several drops of pink food coloring.

Mix on medium speed for one minute.

Place cupcake liners in 2 muffin tins. Fill 24 muffin cups 2/3 of the way full.

Bake for 17 minutes. Remove from oven and cool on a wire rack.

Once the cupcakes are cool place the champagne for the frosting in a small saucepan. Bring to a boil and boil for 5 minutes or until the champagne has reduced to 3 tablespoons. Remove from heat.

Place the butter in a the bowl of a KitchenAid stand mixer. Beat on medium high speed for 1-2 minutes or until the butter is smooth.

Add the powdered sugar 1/2 cup at a time until desired consistency is reached.

Pour in the cooled champagne and a few drops of pink food coloring and beat on medium speed for 30 seconds. Add more powdered sugar if needed.

Pipe the frosting onto the cooled cupcakes. Sprinkle with edible pearls and sprinkels.