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Unless they changed it in the last few weeks I am pretty sure arena points never expire, and the max you can accumulate is 5000. The most expensive items, the 2h weaps, cost 3750 so there's no real reason to hoard points beyond 3750.
And yes, both my 2v2 and 5v5 team have lost a lot, but we have been playing just for fun. I think my 5v5 teams rating is around 1450 right now, so slightly below the starting 1500 even after losing a number of games. I would be interested in hearing about any team that has gone 10 games undefeated and how high your current rating is.
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