Melt butter or margarine in a heavy large pot over medium-high heat.
Add onion, allspice, and nutmeg; toss for 1 minute.
Add cabbage and apricots. Saute until well coated, about 2 minutes.
Add apricot preserves and vinegar. Toss until juices are reduced to glaze and cabbage is crisp-tender, about 6 minutes.
Season with salt and pepper.
Store, covered, in the refrigerator if making ahead.
