I'm in a NL only keeper league with a cap of $260 (can keep up to 15 guys out of 23) so, our auctions are a little different than yearly redraft auctions.
A few more things to add -
1. Don't overspend on a guy just because he is the only guy out there to fill in. Ray Durham is the perfect example from last year. We had a very thin selection at 2B last year and Durham went for $45 and Kendall for $33. Why? Because they were all that was remaining in 2 thin positions.
On the flip side, M. Giles went for $4. Pay for what you are getting. Look at the other players taken. Are you going to get $45 worth of stats from this player? If the answer is no.. bid $45 on someone that will get you those kind of stats.
2. Don't overspend on closers. There are tons of teams that change closers during the year. In our league, Nen & Isringhausen went for $30. I'd say there are 10-11 closers in our league that were FA pickups during the last several years. Including Gagne...
3. Don't bid on a 'name'. Griffey hasn't done anything in years. Please don't spend $33 on him... (which, someone did last year).
4. Avoid Bias. Try not to overbid on a player just because he is from your hometown team. Also, don't avoid bidding on a player just because you don't like him. "Well, John Doe DID sleep with my wife so, I hate him and I'm not bidding on him.".