The Gunners had to settle for a point against Palace in a result that leaves Liverpool just one point away from the Premier League title and the coach was unhappy with how his team performed in their last game before taking on PSG in the Champions League semi-finals next week.
Arteta said: "We dropped our standards today and credit to Crystal Palace. We struggled to find consistency in the game.
"We gave the ball away in simply ways and we were late in everything we did. I am disappointed.
"We have spoken about avoiding our focus being elsewhere. We have enough time to prepare for PSG but today we didn’t deliver enough rights to win the game."
The manager continued: "[I am] disappointed with the result and with the performance as well. I think we never got the consistency in many areas to completely dominate the game.
"We always had the feeling that yeah, we had the ball, we had possession, we went in front twice, but the game wasn’t grabbed, it wasn’t dominated and controlled in the way that we normally do because we were below the standards in some areas.
"When you are not at your best but you are two times ahead, you have to be able to see the game off, and we weren’t able to do it, especially with what happened in the second goal."
The result was Arsenal's 13th draw in the Premier League this season and Arteta is frustrated that his team hasn't been able to see out matches.
He said: "Well, we haven’t been able to see the games off for many reasons, and the margins have been too small.
"Sometimes that’s when I credit the opposition, it’s true that we played five times with ten men.
"There are a lot of factors, but obviously it’s something that we’ve done much better in the past, especially when we’ve been ahead in games, and today, without really much happening, especially in the second half, we have to be able to see the game off."