Trim the fibrous base from the asparagus spears, peel them with a paring knife, and simmer in boiling salted water for 15 to 20 minutes until tender.
For the sauce, whip the cream to stiff peaks and reserve.
Gently melt the butter over low heat.
In a small saucepan, combine 2 tablespoons water, salt, and pepper. Set over a bain-marie, heat gently, and whisk in the egg yolks. As the mixture thickens to a smooth ointment consistency, gradually add the melted butter while whisking constantly, then stir in the orange juice.
Drain the asparagus and arrange on warm plates.
Fold the whipped cream into the sauce. Spoon over the asparagus, dust with sweet paprika, and serve the remaining sauce in a sauceboat.
