1) Go out early and grab an uber stud. That's Rodgers, Brees, Brady, Foster, Rice, McCoy, Calvin, Graham, Gronk. You need them to win. Try to envision your team as if you just crushed a regular snake draft. All of your auction picks should roughly "fit" as if they were picked in a snake draft.
2) I've noticed that you can typically get one of these uber studs a few dollars cheaper than they should go if you are aggressive early. I've seen all too many times people pass up spending $74 on Arian Foster, and end up getting Chris Johnson for $70 or McFadden for $68. Go out early and be one of the first winning bids and you may end up with a steal.
3) Use the VBD Excel app to plug in your league scoring and turn on the auction mode. You can use the "fudge factor" to tweak your auction price levels. Since this is your first auction draft and you have no historical price levels to use, adjust the fudge factor after the first few guys are auctioned off. This will greatly help you find value in the middle and end of the draft.
4) If you reach for QB (Rodgers, Brees, Brady), RB (Foster, Rice, McCoy), WR (Calvin), or TE (Graham/Gronk), you probably aren't going to be in play to get another one of these uber studs. If you do get two of these guys, you are leaving very little room to fill out the rest of your roster. You still need a bench, even when you aren't locked into a draft slot like a snake draft. Set the foundation for your team with one of these guys and find value later on to fill out the rest of your roster.
5) I've always used the "draft one stud and find values later on" approach, and it has worked out very well for me. You can go for the "studs/duds" approach. I've seen this work before when both studs stay healthy, but you really need to nail every single value pick. I would not recommend trying to skip out on a stud and take 5-6 2nd Tier/3rd Tier guys. They are in those tiers for a reason. They don't perform like a stud on a week-to-week basis.