Im not holding much hope Arteta can build a great team. I dont think he has the charisma or pedigree to form a team capable of being competitive at the top end of the table.
Arteta was one player who played in the shadow of the likes of Pires, Henry, Bergkamp, Vieira, Campbell, Cole. We had worthy players like RVP Cesc, Sanchez even Nasri. However I put Arteta in the same category as Walcott, Eboue, Diaby, Giroud ect. Players who played for Arsenal in the 2010's who would never have got a look in if they played for Arsenal in the late 1990's to mid 2000's. The Arsenal team of the late 1990's to mid 2000's 's built our reputation as a modern day great club, and a lot of dodgy players that came after them thought they were great because they played for Arsenal, when really their contribution was allowing for a perpetual slide that has come home to roost this season - where we are looking at a genuine mid table finish.
Arteta has failed upwards. He was a decent player for Everton and got a move to Arsenal after we lost Cesc to Barcelona. He was a decent enough player in a sliding Arsenal team, & due to his time at Arsenal it put him in a position to be manager, as this board would rather someone they can handle, rather than someone like Klopp or Simeone - managers who would shit if the board didnt match their sky high ambitions. So Arteta gets the job under depressing circumstances and now we must patiently wait for his inevitable failure.