I mean, I get how Arsenal got stuck. They signed Lacazette (good!) at that current market value. Then that market got blown up by Neymar. They wanted to add Lemar and they hoped that by strengthening the side, they could sell Alexis on staying long term. They weren't getting great offers for Alexis because everyone knew he could leave on a free next summer.
So I understand all of that. But they kept doing the typical Arsene crap with Lemar when it was clear that they were in a different market. And Alexis sulking at the first sign of adversity seemed pretty predictable. Even if they make the awesome offer to Monaco on Monday, they have time to talk to the player. But it seems like they had to hear that Liverpool was willing to pay big money to make them willing to pay. And they have the money. They knew they could get a ridiculous fee for Ox. They had other assets too. Or they could have seriously named a price for Alexis and let Chelsea and City have it out.