Wash grapes, then thoroughly pat dry with paper towels.

In a small pot over medium heat, cook caramels and cream, stirring frequently, until smooth, about 5 minutes.

Place peanuts on a plate. Using a toothpick, dip grapes into caramel, coming at least halfway up the sides. Dip bottoms into peanuts. Arrange on a parchment-lined baking sheet.

Reheat caramel mixture over low heat if needed as you go.

If not serving right away, refrigerate until ready to serve.

Grapes can be made 1 day ahead. Transfer to an airtight container and keep refrigerated.