Arter blazed his spot-kick well over the crossbar in the 79th minute of Bournemouth's 0-0 draw against their south coast rivals, squandering one of the few chances to transpire in a dour contest.
Both teams struck the post - Dusan Tadic for Southampton and Adam Smith for Bournemouth - as Bournemouth stretched its unbeaten run to four games in its bid to preserve its Premier League status.
Andrew Surman's poked effort was cleared off the line by England global James Ward-Prowse, while Jay Rodriguez's thumping drive forced Cherries goalkeeper Artur Boruc into a reflex save.
He did seem to slip as he approached it, and as soon as the ball was soaring through the air, Arter looked back at the turf that had given way beneath him. I didn't intentionally miss. "As much as it is disappointing it is part and parcel of football", Arter told BBC Sport.
In the end, a point is probably good for Eddie Howe's side but they had an incredible opportunity to gain three points when they were awarded a penalty after 79 minutes.
"Jack will be the one who decides his future, in conjunction with Arsenal", he said. The Saints have played two fewer games due to their run to the EFL Cup final. It is not an excuse.More news: Barclays Center Hosts Rock And Roll Hall Of Fame Induction Ceremony Friday
Southampton have struggled for consistency recently, losing three and winning two of their last five Premier League matches.
"We had good intensity at the beginning".
Eddie Howe's team had a chance to secure their first ever win at Southampton when Ryan Bertrand conceded the penalty with a foul on Ryan Fraser. "Without scoring it is hard, the opponent took confidence and it was hard to finish".
The Southampton midfielder responded to his manager Claude Puel's instructions to do his talking on the pitch - after he had complained about regularly being substituted - by creating numerous chances for his team-mates.
It was Bournemouth's third straight miss from the penalty spot.
They have scored just 14 Premier League home goals this season.