It's hard to get a more flavorful piece of beef than filet mignon. However, you can kick up the flavor even more by dry-aging filet mignon at home. By purchasing regular filet mignon at the store and dry-aging it at home, you'll save money and still enjoy the concentrated flavor of dry-aged beef. Once you get the dry-aging process down, you'll never want to prepare your steaks any other way. The only catch is that it takes a few days of preparation, and you don't want to age your steak more than three days, or it will spoil.
Cut strips of cheesecloth about 4 inches wide, depending on the size of your steaks. Cut the strips wide enough so that the width perfectly covers the steaks.
Wrap the cheesecloth around each filet so that you have about four layers of cheesecloth on each side of the steak. Carefully wrap the filets so that you cover the steak entirely; don't leave any part of the steak exposed or peeking through the cheesecloth.
Once you've wrapped your steaks in the layers of cheesecloth, place them on a wire rack. Space them out so that the steaks aren't touching.
Place the wire rack in the back of a clean refrigerator. Avoid placing them near any foods with aromas that may be soaked up by the precious filets. Place a box of baking soda next to your steak to help fend off any odors that may be lingering in your fridge, despite your best efforts.
Leave the steaks in the fridge for eight to 12 hours, but no longer than three days or you risk spoilage. Age a filet mignon, which is a smaller cut of steak, for only a day or two. The aged steak is ready when it looks brown and crusty. Discard the steak if you notice an unappetizing odor.