Step 1: Understand the transformation.
Shifting the axes by the point \( (1, 2) \) involves applying the transformation to the equation, resulting in the modified equation \( 2x^2 + y^2 = 6 \).
Step 2: Conclusion.
Thus, the new equation becomes \( 2x^2 + y^2 = 6 \).
Final Answer:
\[
\boxed{2x^2 + y^2 = 6}
\]