In a small saucepan, melt the butter over medium-low heat. While the butter is melting, whisk the egg yolks, lemon juice, and water together in a medium bowl until thoroughly combined. Once the butter has melted, add a tablespoon of butter to the egg mixture, whisking vigorously as you add it. Add another tablespoon of the melted butter to the bowl and again whisk vigorously as you add it. Pour the egg mixture into the small saucepan and continue to whisk vigorously as you add it. Continue to whisk until the hollandaise JUST begins to thicken, about 3-4 minutes. As soon as it begins to thicken, season with paprika, salt and pepper to taste. Reduce the heat to the lowest setting possible and keep warm on the stove until you are ready to serve. If you find that the hollandaise continues to thicken add a tablespoon or two or water to thin it out.