Ahead of tonight's Champions League semifinal first-leg against PSG, Arteta was asked if Rice was living up to the £100m paid to West Ham United two years ago.
Arteta replied: "Hopefully, when we win a lot of trophies together, we can justify that ownership and everybody is happy. We are extremely happy to have him.
"I think, again, he's made a few strides forward to play with that pressure and that determination and actually to influence the game the way he did in both legs. Really impressive and we knew that.
"I think the individuals have to step in in these moments. It's a game for players and a game for big players to stand out and make a difference in the game."
On the clash with PSG, Arteta also stated: "Well, it's an opportunity. We have to have the feeling that we have to hold them back tomorrow to go on that pitch and express themselves.
"It's a moment now to say, OK, this is who we are, this is who we are as a team, this is who I am as an individual and I'm going to put my very best in there to make it happen.
"Play with that mindset and let yourself go. They know everything now is about, OK, where are the limits and how far I'm able and how far I want to go. That's it."