I would say its the table, then the arm, and finally the cartridge. The cartridge I think affects the color of the music the most, but you will not get there for some cartridges without a decent turntable and arm setup.
Breakdown of Turntable Performance
Over the years I've read numerous reviews of turntables, arms, platters, and plinths. I always wondered how much these individual components contributed to the overall sound. Here's my take:
Cartridge - 80%
Arm - 10%
Platter - 5%
Plinth - 5%
Cartridge - 80%
Arm - 10%
Platter - 5%
Plinth - 5%