It was announced on Tuesday that Aubameyang will no longer be captain after a 'disciplinary breach' saw the forward miss their win over Southampton last weekend.
The 32-year-old's agent, Kwaku Mensah, hit out at Arteta's decision, uploading pictures of Aubameyang holding the FA Cup, Community Shield and the Premier League Golden Boot award.
Aubameyang was captain as Arsenal won the FA Cup in 2020, the Gabon star scoring both of the Gunners' goals in the 2-1 win over Chelsea.
Meanwhile, he scored the winning penalty when they beat Liverpool in the Community Shield.
He scooped the Golden Boot award at the end of the 2018/19 season, sharing the prize with Liverpool duo Mohamed Salah and Sadio Mane.
The decision stems from Aubameyang being granted permission to go abroad last week to pick up his ill mother but his return a day later than agreed irked Arteta.
Aubameyang played no part in the 3-0 win over Saints and has since had the captaincy taken off him. A new skipper is yet to be announce by the club.
Former Arsenal star Martin Keown doesn't necessarily object to Aubameyang no longer being captain but has questioned the timing of Arteta's decision.
"It's a bold move from the manager," Keown told talkSPORT. "I did kind of feel that this might be left until the summer.
"It might be too disruptive to the group and to the club - too much noise to do something like this now… I'd have left it until the summer.
"If Arteta felt that Aubameyang had the characteristics to be that leader of the group and that was never in question then he might've rode this storm.
"But I think it's deeper than that. I don't think he believes he's the leader of the group, the right captain."